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Rent-Seeking Contest When the Prize Increases with Aggregate Efforts

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  • Chung, Tai-Yeong

Abstract

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

Suggested Citation

  • Chung, Tai-Yeong, 1996. "Rent-Seeking Contest When the Prize Increases with Aggregate Efforts," Public Choice, Springer, vol. 87(1-2), pages 55-66, April.
    • Handle: RePEc:kap:pubcho:v:87:y:1996:i:1-2:p:55-66
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