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Rent, Risk and Replication. Political Contests and Preference Adaptation

Author

Listed:
  • Wärneryd, Karl

    (Department of Economics)

Abstract

We study the long-run behavior of an economy where agents who are heterogeneous with respect to risk attitudes can either earn a certain income or enter a risky rent seeking contest. In contrast with standard evolutionary game theory, we distinguish between utility and material payoffs, and allow the population distribution of preferences to evolve over time in response to material payoffs. We show that, in particular, initial distributions with full support converge to stationary states where all types may still be present, risk lovers specialize in rent seeking, and the available rents are perfectly dissipated.

Suggested Citation

  • Wärneryd, Karl, 1995. "Rent, Risk and Replication. Political Contests and Preference Adaptation," SSE/EFI Working Paper Series in Economics and Finance 77, Stockholm School of Economics.
    • Handle: RePEc:hhs:hastef:0077
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    More about this item

    Keywords

    Risk attitudes; rent seeking; evolution;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General

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