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Evolutionary Rent-Seeking

Author

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  • Burkhard Hehenkamp
  • Wolfgang Leininger
  • Alex Possajennikov

Abstract

Tullock’s analysis of rent-seeking is reconsidered from an evolutionary point of view. We show that evolutionarily stable behavior in a rent-seeking contest differs from efficient rent-seeking behavior in a Nash equilibrium. We explore that implications of evolutionary stability for rent-seeking behavior and relate them to the well examined Nash equilibrium behavior. A most interesting result is an overdissipation law, which holds in evolutionary equilibrium.

Suggested Citation

  • Burkhard Hehenkamp & Wolfgang Leininger & Alex Possajennikov, 2001. "Evolutionary Rent-Seeking," CESifo Working Paper Series 620, CESifo Group Munich.
  • Handle: RePEc:ces:ceswps:_620
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    File URL: http://www.cesifo-group.de/DocDL/cesifo_wp620.pdf
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    References listed on IDEAS

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    1. Kooreman, Peter & Schoonbeek, Lambert, 1997. "The specification of the probability functions in Tullock's rent-seeking contest," Economics Letters, Elsevier, vol. 56(1), pages 59-61, September.
    2. Arye Hillman & Dov Samet, 1987. "Dissipation of contestable rents by small numbers of contenders," Public Choice, Springer, vol. 54(1), pages 63-82, January.
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    Cited by:

    1. Konrad, Kai A., 2007. "Strategy in contests: an introduction
      [Strategie in Turnieren – eine Einführung]
      ," Discussion Papers, Research Unit: Market Processes and Governance SP II 2007-01, Social Science Research Center Berlin (WZB).
    2. Carlos Alós Ferrer & Ana B. Ania, 2002. "The Evolutionary Logic of Feeling Small," Vienna Economics Papers 0216, University of Vienna, Department of Economics.
    3. Wolfgang Leininger, 2002. "Contests over Public Goods: Evolutionary Stability and the Free-Rider Problem," CESifo Working Paper Series 713, CESifo Group Munich.
    4. Burkhard C. Schipper, 2004. "Submodularity and the evolution of Walrasian behavior," International Journal of Game Theory, Springer;Game Theory Society, vol. 32(4), pages 471-477, August.

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