The Thrill of Victory, the Agony of Defeat

G Dirk Mateer and Robert Lawson

Public Choice, 1995, vol. 83, issue 3-4, 305-12

Abstract: This paper presents experimental evidence from a rent-seeking exercise where the highest bidder wins the rent but all bidders, including the winner, lose their wagers. This exercise closely resembles the rent-seeking dilemma facing agents in many settings. There are two main conclusions from the results. First, there is a tendency towards overdissipation of the rent. Second, some individuals are willing to pay more for a rent than its face value would warrant. The authors attribute this phenomenon to a 'thrill of victory' effect. Copyright 1995 by Kluwer Academic Publishers

Date: 1995
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