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The design of rent-seeking competitions

  • Robert Michaels
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    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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    File URL: http://hdl.handle.net/10.1007/BF00052067
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    Article provided by Springer in its journal Public Choice.

    Volume (Year): 56 (1988)
    Issue (Month): 1 (January)
    Pages: 17-29

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    Handle: RePEc:kap:pubcho:v:56:y:1988:i:1:p:17-29
    Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=100332

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    1. Gordon Tullock, 1985. "Efficient rents 3 back to the bog," Public Choice, Springer, vol. 46(3), pages 259-263, January.
    2. 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.
    3. Friedman, David, 1981. "Why There are no Risk Preferrers," Journal of Political Economy, University of Chicago Press, vol. 89(3), pages 600, June.
    4. William M. Landes & Richard A. Posner, 1975. "The Independent Judiciary in an Interest-Group Perspective," NBER Working Papers 0110, National Bureau of Economic Research, Inc.
    5. Moore, Thomas Gale, 1978. "The Beneficiaries of Trucking Regulation," Journal of Law and Economics, University of Chicago Press, vol. 21(2), pages 327-43, October.
    6. 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.
    7. William Corcoran, 1984. "Long-run equilibrium and total expenditures in rent-seeking," Public Choice, Springer, vol. 43(1), pages 89-94, January.
    8. Fisher, Franklin M, 1985. "The Social Costs of Monopoly and Regulation: Posner Reconsidered," Journal of Political Economy, University of Chicago Press, vol. 93(2), pages 410-16, April.
    9. Congleton, Roger D., 1984. "Committees and rent-seeking effort," Journal of Public Economics, Elsevier, vol. 25(1-2), pages 197-209, November.
    10. 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.
    11. Gordon Tullock, 1984. "Long-run equilibrium and total expenditures in rent-seeking: A comment," Public Choice, Springer, vol. 43(1), pages 95-97, January.
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