Dissipation of contestable rents by small numbers of contenders

@inproceedings{Hillman2004DissipationOC,
  title={Dissipation of contestable rents by small numbers of contenders},
  author={Arye L. Hillman and Dov Samet},
  year={2004}
}
The theory of rent seeking with its origins in the observations of Gordon Tullock (1967) or to use Jagdish Bhagwati's (1982) proposed term, the theory of directly unproductive profit-seeking activities is concerned with the potentially adverse effects on resource allocation of incentives to capture and defend artificially-contrived rents and transfers. The scope for social loss proposed by the theory derives from the relation between the value of a contestable prize and the value of the… CONTINUE READING
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