The objective of this article is to investigate contests in which efforts are productive. G. Tullock's standard rent-seeking model is extended by making the rent itself increase with the aggregate efforts. A positive externality is thereby introduced into the contest because a contender's private effort in quest of the rent generates a benefit for other contenders. Coupled with a negative externality presented in the standard rent-seeking model, the net effect on the social efficiency of the contest is a priori ambiguous. It is shown that the extended contest generates socially wasteful, excessive aggregate efforts. Copyright 1996 by Kluwer Academic Publishers
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Article provided by Springer in its journal Public Choice.
Volume (Year): 87 (1996) Issue (Month): 1-2 (April) Pages: 55-66 Download reference. The following formats are available: HTML
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