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Rents, dissipation and lost treasures: Rethinking Tullock's paradox

  • Giuseppe Dari-Mattiacci

    ()

  • Francesco Parisi

In this paper we revisit Tullock's paradox (Tullock, 1980) and consider a rent-seeking game in which parties face increasing returns to effort. We allow parties to randomize their strategies and give them an exit option. Given the mixed participation strategies of the parties, valuable rents may occasionally remain unexploited. We consider such a lost-treasure effect as an additional cost of rent seeking and examine how the expected value of such a lost rent varies with changes in the parameters of the problem. Copyright Springer Science + Business Media, Inc. 2005

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File URL: http://hdl.handle.net/10.1007/s11127-005-2056-0
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Article provided by Springer in its journal Public Choice.

Volume (Year): 124 (2005)
Issue (Month): 3 (September)
Pages: 411-422

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Handle: RePEc:kap:pubcho:v:124:y:2005:i:3:p:411-422
Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=100332

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  1. Baye, M.R. & Kovenock, D. & De Vries, C.G., 1993. "The Solution to the Tullock Rent-Seeking Game when R > 2: Mixed Strategy Equilibria and Mean Dissipation Rates," Papers 10-93-9, Pennsylvania State - Department of Economics.
  2. Perez-Castrillo, J David & Verdier, Thierry, 1992. " A General Analysis of Rent-Seeking Games," Public Choice, Springer, vol. 73(3), pages 335-50, April.
  3. Gary S. Becker, 1974. "Crime and Punishment: An Economic Approach," NBER Chapters, in: Essays in the Economics of Crime and Punishment, pages 1-54 National Bureau of Economic Research, Inc.
  4. Rowley, Charles K, 1991. " Gordon Tullock: Entrepreneur of Public Choice," Public Choice, Springer, vol. 71(3), pages 149-69, September.
  5. Baye, Michael R & Kovenock, Dan & de Vries, Casper G, 1999. " The Incidence of Overdissipation in Rent-Seeking Contests," Public Choice, Springer, vol. 99(3-4), pages 439-54, June.
  6. Tollison, Robert D, 1982. "Rent Seeking: A Survey," Kyklos, Wiley Blackwell, vol. 35(4), pages 575-602.
  7. Robert Tollison, 2012. "The economic theory of rent seeking," Public Choice, Springer, vol. 152(1), pages 73-82, July.
  8. 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.
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