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Rent-seeking and market structure: Comment

✍ Scribed by Russell Pittman


Publisher
Springer US
Year
1988
Tongue
English
Weight
610 KB
Volume
58
Category
Article
ISSN
0048-5829

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Reexamining efficient rent-seeking in la
✍ Jason F. Shogren; Kyung H. Baik πŸ“‚ Article πŸ“… 1991 πŸ› Springer US 🌐 English βš– 369 KB

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