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Exit from Rent‐Seeking Contests

Author

Listed:
  • Jun‐Ichi Itaya
  • Hiroyuki Sano

Abstract

The object of this paper is to investigate the long‐run behaviour of rent‐seekers in a situation where they incur negative expected payoffs due to increasing returns to rent‐seeking expenditures. To this end, we embed the one‐shot rent‐seeking game presented by Tullock (1980) in the war‐of‐attrition framework. In this multi‐period setting, each player not only determines his or her rent‐seeking expenditure but also chooses a mixed strategy on whether to stay in or exit from rent‐seeking competition in each period. JEL Classification Numbers: D72, C72, L12

Suggested Citation

  • Jun‐Ichi Itaya & Hiroyuki Sano, 2003. "Exit from Rent‐Seeking Contests," The Japanese Economic Review, Japanese Economic Association, vol. 54(2), pages 218-228, June.
    • Handle: RePEc:bla:jecrev:v:54:y:2003:i:2:p:218-228
    DOI: 10.1111/1468-5876.t01-1-00255
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    Cited by:

    1. Appelbaum, Elie & Katz, Eliakim, 1986. "Rent seeking and entry," Economics Letters, Elsevier, vol. 20(3), pages 207-212.

    More about this item

    JEL classification:

    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • L12 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Monopoly; Monopolization Strategies

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