Efficient Rent-Seeking in Experiment

Carsten Vogt, Joachim Weimann and Chun-Lei Yang

Public Choice, 2002, vol. 110, issue 1-2, 67-78

Abstract: In a series of experiments we show that people learn to play the efficient outcome in an open-ended rent-seeking game. This result persists despite quite different experiment environments and designs, like different propensities of competition, group sizes etc., and is interpretable as a resolution of the so-called Tullock paradox which states that real-world rent-seeking expenditures are much lower than what the standard rent-seeking model predicts. Copyright 2002 by Kluwer Academic Publishers

Date: 2002
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