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
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- Landes, William M & Posner, Richard A, 1975.
"The Independent Judiciary in an Interest-Group Perspective,"
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- Friedman, David, 1981. "Why There are no Risk Preferrers," Journal of Political Economy, University of Chicago Press, vol. 89(3), pages 600, June.
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- 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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