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Classroom Game on the Theory of Rent Seeking: Some Practical Experience

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  • Ivo Bischoff
  • Kai Hofmann

Abstract

On the basis of our practical experience in applying the classroom game on rent seeking proposed by Goeree and Holt, we suggest two setup modifications and one extension to the original game. The modifications are intended to increase the teaching value of the classroom game by enlarging the choice space of the teams and further clarifying the welfare consequences of rent seeking. The extension is introduced to show that teams' high risk preference does not result from a misperception of the decision‐making problem. Instead, this preference is argued to be the consequence of the rivalrous nature of the game.

Suggested Citation

  • Ivo Bischoff & Kai Hofmann, 2002. "Classroom Game on the Theory of Rent Seeking: Some Practical Experience," Southern Economic Journal, John Wiley & Sons, vol. 69(1), pages 195-199, July.
    • Handle: RePEc:wly:soecon:v:69:y:2002:i:1:p:195-199
    DOI: 10.1002/j.2325-8012.2002.tb00486.x
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    References listed on IDEAS

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    1. Gordon Tullock, 1993. "Rent Seeking," Chapters, in: Charles K. Rowley (ed.), Property Rights and the Limits of Democracy, chapter 2, pages i-98, Edward Elgar Publishing.
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    Cited by:

    1. Aaron Pacitti & Michael Cauvel, 2023. "Rent-Seeking Behavior and Economic Justice: A Classroom Exercise," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 49(1), pages 88-103, January.

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