AbstractTullock’s analysis of rent-seeking is reconsidered from an evolutionary point of view. We show that evolutionarily stable behavior in a rent-seeking contest differs from efficient rent-seeking behavior in a Nash equilibrium. We explore that implications of evolutionary stability for rent-seeking behavior and relate them to the well examined Nash equilibrium behavior. A most interesting result is an overdissipation law, which holds in evolutionary equilibrium.
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Bibliographic InfoPaper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 620.
Date of creation: 2001
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- Schoonbeek, L. & Kooreman, P., 1997.
"The specification of the probability functions in Tullock's rentseeking contest,"
Open Access publications from Tilburg University, Tilburg University
urn:nbn:nl:ui:12-377560, Tilburg University.
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