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
Date of revision:
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- Kooreman, Peter & Schoonbeek, Lambert, 1997.
"The specification of the probability functions in Tullock's rent-seeking contest,"
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- Wolfgang Leininger, 2002. "Contests over Public Goods: Evolutionary Stability and the Free-Rider Problem," CESifo Working Paper Series 713, CESifo Group Munich.
- Carlos Alós Ferrer & Ana B. Ania, 2002. "The Evolutionary Logic of Feeling Small," Vienna Economics Papers 0216, University of Vienna, Department of Economics.
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