Shogren, Jason F; Baik, Kyung H - In: Public Choice 69 (1991) 1, pp. 69-79
Given E. Millner and M. Pratt's (1989) finding of behavior inconsistent with theory, the authors reexamine efficient rent-seeking in experimental markets. They show that (1) when r = 3, no Nash equilibrium exists and, therefore, behavior has no theoretical benchmark to judge consistency and (2)...