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Loss Aversion and the Tullock Paradox

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Author Info

  • Richard Cornes

    (School of Economics, University of Nottingham,)

  • Roger Hartley

    ()
    (Keele University Department of Economics)

Abstract

We show that the presence of loss aversion on the part of participants in a Tullock imperfectly discriminating contest will significantly reduce the proportion of the rent dissipated in the form of resources used up in the competition for that rent. We also suggest a simple experiment that can reveal whether contestants are, indeed, loss averse. Keywords Rent-seeking, contests, loss aversion, rent dissipation

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File URL: http://www.keele.ac.uk/depts/ec/wpapers/kerp0306.pdf
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Bibliographic Info

Paper provided by Centre for Economic Research, Keele University in its series Keele Economics Research Papers with number KERP 2003/06.

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Length: 30 pages
Date of creation: Oct 2003
Date of revision:
Handle: RePEc:kee:kerpuk:2003/06

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Postal: Department of Economics, University of Keele, Keele, Staffordshire, ST5 5BG - United Kingdom
Phone: +44 (0)1782 584581
Fax: +44 (0)1782 717577
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Web page: http://www.keele.ac.uk/depts/ec/cer/
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Postal: Centre for Economic Research, Research Institute for Public Policy and Management, Keele University, Staffordshire ST5 5BG - United Kingdom
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Web: http://www.keele.ac.uk/depts/ec/cer/pubs_kerps.htm

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Cited by:
  1. Benedikt Herrmann & Henrik Orzen, 2008. "The appearance of homo rivalis: Social preferences and the nature of rent seeking," Discussion Papers, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham 2008-10, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
  2. Xiaojing Kong, 2008. "Loss Aversion and Rent-Seeking: An Experimental Study," Discussion Papers, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham 2008-13, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.

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