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Efficient rent-seeking in experiment

In: 40 Years of Research on Rent Seeking 1

Author

Listed:
  • Carsten Vogt

    (Otto-von-Guericke Universit ät Magdeburg)

  • Joachim Weimann

    (Otto-von-Guericke Universit ät Magdeburg)

  • Chun-Lei Yang

    (Institute for Social Sciences and Philosophy Academia Sinica)

Abstract

In a series of experiments we show that people learn to play the efficient outcome in an open-ended rent-seeking game. This result persists despite quite different experiment environments and designs, like different propensities of competition, group sizes etc., and is interprtable as a resolution of the so-called Tullock paradox which states that real-world rent-seeking expenditures are much lower than what the standard rent-seeking model predicts.

Suggested Citation

  • Carsten Vogt & Joachim Weimann & Chun-Lei Yang, 2002. "Efficient rent-seeking in experiment," Springer Books, in: Roger D. Congleton & Arye L. Hillman & Kai A. Konrad (ed.), 40 Years of Research on Rent Seeking 1, pages 681-692, Springer.
    • Handle: RePEc:spr:sprchp:978-3-540-79182-9_49
    DOI: 10.1007/978-3-540-79182-9_49
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