The design of rent-seeking competitions
In the standard Tullock model of rent-seeking as a noncooperative game, aggregate expenditures by seekers can equal, exceed, or fall short of total rents depending on what is assumed about the number of seekers and the marginal return to a seeker's investment. If the supply of an input into the rent-seeking process is controlled by a politician who receives payment from seekers for it, the indeterminacy of the process becomes a less serious problem. He supplies it and designs the rent-seeking game to maximize his wealth. The author derives expressions for the number of seekers and the marginal return parameter which maximize the politician's wealth in one-input and two-input rent-seeking processes. Copyright Martinus Nijhoff Publishers 1988
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Volume (Year): 56 (1988)
Issue (Month): 1 (January)
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Hillman, Arye L & Katz, Eliakim, 1984. "Risk-Averse Rent Seekers and the Social Cost of Monopoly Power," Economic Journal, Royal Economic Society, vol. 94(373), pages 104-10, March.
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- Gordon Tullock, 1985. "Efficient rents 3 back to the bog," Public Choice, Springer, vol. 46(3), pages 259-263, January.
- Friedman, David, 1981. "Why There are no Risk Preferrers," Journal of Political Economy, University of Chicago Press, vol. 89(3), pages 600, June.
- William Corcoran, 1984. "Long-run equilibrium and total expenditures in rent-seeking," Public Choice, Springer, vol. 43(1), pages 89-94, January.
- Gordon Tullock, 1984. "Long-run equilibrium and total expenditures in rent-seeking: A comment," Public Choice, Springer, vol. 43(1), pages 95-97, January.
- William Corcoran & Gordon Karels, 1985. "Efficient rents 1 rent-seeking behavior in the long-run," Public Choice, Springer, vol. 46(3), pages 227-246, January.
- Congleton, Roger D., 1984. "Committees and rent-seeking effort," Journal of Public Economics, Elsevier, vol. 25(1-2), pages 197-209, November.
- 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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