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How To Avoid Awarding a Valuable Asset

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Author Info

  • Sam Bucovetsky

    ()
    (Department of Economics, York University)

  • Amihai Glazer

    ()
    (Department of Economics, University of California-Irvine)

Abstract

Many mechanisms (such as auctions) efficiently allocate a good to the firm which most highly values it. But sometimes the owner of the asset or good may wish to transfer it only if it is not too valuable to potential buyers. The allocation problem becomes especially difficult when the potential buyers have private information about the asset’s value. We describe several mechanisms which are efficient, or nearly so. We also show that rent seeking, and lobbying, rather than merely wasting resources, can lead to allocations which are close to efficient.

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File URL: http://www.economics.uci.edu/files/economics/docs/workingpapers/2005-06/Glazer-19.pdf
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Bibliographic Info

Paper provided by University of California-Irvine, Department of Economics in its series Working Papers with number 050619.

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Length: 21 pages
Date of creation: Jan 2006
Date of revision:
Handle: RePEc:irv:wpaper:050619

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Related research

Keywords: Rent seeking; Lobbying; Auctions; Asymmetric information;

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  1. Krueger, Anne O, 1974. "The Political Economy of the Rent-Seeking Society," American Economic Review, American Economic Association, vol. 64(3), pages 291-303, June.
  2. Konrad, Kai A & Kovenock, Dan, 2006. "Multi-Battle Contests," CEPR Discussion Papers 5645, C.E.P.R. Discussion Papers.
  3. Lohmann, Susanne, 1995. " Information, Access, and Contributions: A Signaling Model of Lobbying," Public Choice, Springer, vol. 85(3-4), pages 267-84, December.
  4. Bhagwati, Jagdish N, 1982. "Directly Unproductive, Profit-seeking (DUP) Activities," Journal of Political Economy, University of Chicago Press, vol. 90(5), pages 988-1002, October.
  5. Rasmusen, Eric, 1993. " Lobbying When the Decisionmaker Can Acquire Independent Information," Public Choice, Springer, vol. 77(4), pages 899-913, December.
  6. Posner, Richard A, 1975. "The Social Costs of Monopoly and Regulation," Journal of Political Economy, University of Chicago Press, vol. 83(4), pages 807-27, August.
  7. Amihai Glazer & Kai A. Konrad, 1995. "Strategic Lobbying By Potential Industry Entrants," Economics and Politics, Wiley Blackwell, vol. 7(2), pages 167-179, 07.
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