Rent-Seeking with Multiple Winners
This paper examines the impact of the number of winners allowed by regulators on rent-seeking expenditures. It is demonstrated in a widely used model that an increase in the number of winners will decrease total rent-seeking expenditures. This result is generally obtained regardless of whether the firms are risk-averse or risk-lovers. When regulators award coveted market franchises, there will be smaller welfare losses if more winners are allowed. Copyright 1993 by Kluwer Academic Publishers
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