Konrad, Kai A. - In: Revue d'économie politique 122 (2012) 2, pp. 233-256
Considering several main types of dynamic contests (the race, the tug-of-war, elimination contests and iterated incumbency fights) we identify a common pattern: the discouragement effect. This effect explains why the sum of rent-seeking efforts often falls considerably short of the prize that is...
