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Risk-averse rent seeking with shared rents

In: 40 Years of Research on Rent Seeking 1

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  • Neil Vousden
  • Ngo Van Long

Abstract

The theory of rent-seeking behaviour has advanced in many directions since the pioneering contributions by (1967), (1974), and (1975). Perhaps because of the early preoccupation with the social costs of monopoly, the literature has tended to emphasise contests in which the ‘winner takes all’ (e.g. (1980), 1984, (1984), (1984) and (1987). This approach is appropriate when agents compete for a monopoly rent, a government contract or any other indivisible transfer. There is however another important case, relatively neglected in the literature, in which agents expend resources competing for a share of a divisible rent rather than for the whole of an indivisible rent. It is this type of rent seeking which is the subject of the present paper.

Suggested Citation

  • Neil Vousden & Ngo Van Long, 2008. "Risk-averse rent seeking with shared rents," Springer Books, in: Roger D. Congleton & Arye L. Hillman & Kai A. Konrad (ed.), 40 Years of Research on Rent Seeking 1, pages 293-307, Springer.
    • Handle: RePEc:spr:sprchp:978-3-540-79182-9_18
    DOI: 10.1007/978-3-540-79182-9_18
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