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Rent-Seeking Contest When the Prize Increases With Aggregate Efforts

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  • Tai-Yeong Chung

Abstract

The objective of this article is to investigate contests in which efforts are productive. G. Tullock's standard rent-seeking model is extended by making the rent itself increase with the aggregate efforts. A positive externality is thereby introduced into the contest because a contender's private effort in quest of the rent generates a benefit for other contenders. Coupled with a negative externality presented in the standard rent-seeking model, the net effect on the social efficiency of the contest is a priori ambiguous. It is shown that the extended contest generates socially wasteful, excessive aggregate efforts. Copyright 1996 by Kluwer Academic Publishers
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Suggested Citation

  • Tai-Yeong Chung, 1994. "Rent-Seeking Contest When the Prize Increases With Aggregate Efforts," University of Western Ontario, Departmental Research Report Series 9407, University of Western Ontario, Department of Economics.
    • Handle: RePEc:uwo:uwowop:9407
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