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Efficient Rent-Seeking in Experiment

โœ Scribed by Carsten Vogt; Joachim Weimann; Chun-Lei Yang


Book ID
110318541
Publisher
Springer US
Year
2002
Tongue
English
Weight
222 KB
Volume
110
Category
Article
ISSN
0048-5829

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Given Millner and Pratt's (1989) finding of behavior inconsistent with theory, we reexamine efficient rent-seeking in experimental markets. We show that (a) when r = 3, no Nash equilibrium exists and therefore behavior has no theoretical benchmark to judge consistency, and (b) when r = 1, with a ne