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The Thrill of Victory, the Agony of Defeat

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  • Mateer, G Dirk
  • Lawson, Robert A

Abstract

This paper presents experimental evidence from a rent-seeking exercise where the highest bidder wins the rent but all bidders, including the winner, lose their wagers. This exercise closely resembles the rent-seeking dilemma facing agents in many settings. There are two main conclusions from the results. First, there is a tendency towards overdissipation of the rent. Second, some individuals are willing to pay more for a rent than its face value would warrant. The authors attribute this phenomenon to a 'thrill of victory' effect. Copyright 1995 by Kluwer Academic Publishers

Suggested Citation

  • Mateer, G Dirk & Lawson, Robert A, 1995. "The Thrill of Victory, the Agony of Defeat," Public Choice, Springer, vol. 83(3-4), pages 305-312, June.
    • Handle: RePEc:kap:pubcho:v:83:y:1995:i:3-4:p:305-12
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