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A Rent-Seeking Experiment for the Classroom

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  • Brian Kent Strow
  • Claudia Wood Strow
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    Abstract

    Abstract: Recent research has demonstrated that active learning techniques improve student comprehension and retention of abstract economic ideas such as rent seeking. Instructors can reinforce the concept of rent seeking with a classroom game, particularly one involving real money. The authors improve upon a game first introduced by Goeree and Holt (1999) and later expanded upon by Bischoff and Hofmann (2002). The authors present a version of the game in which students participate in an all-pay auction, risking their own money, and discover first hand the potential inefficiencies of rent seeking. The authors suggest extensions of the rent-seeking game, including discussions of social welfare effects, equity, campaign finance reform, tax simplification, and congressional reforms designed to limit the influence of rent seeking in the economy.

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    File URL: http://hdl.handle.net/10.3200/JECE.37.3.323-330
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal The Journal of Economic Education.

    Volume (Year): 37 (2006)
    Issue (Month): 3 (July)
    Pages: 323-330

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    Handle: RePEc:taf:jeduce:v:37:y:2006:i:3:p:323-330

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