Efficient rent-seeking in experiment

Citation
C. Vogt et al., Efficient rent-seeking in experiment, PUBL CHOICE, 110(1-2), 2002, pp. 67-78
Citations number
12
Categorie Soggetti
Politucal Science & public Administration
Journal title
PUBLIC CHOICE
ISSN journal
00485829 → ACNP
Volume
110
Issue
1-2
Year of publication
2002
Pages
67 - 78
Database
ISI
SICI code
0048-5829(200201)110:1-2<67:ERIE>2.0.ZU;2-E
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 qu ite different experiment environments and designs, like different propensit ies 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 predi cts.