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The rent-seeking model of Tullock (1980) has stimulated a large literature on rent-seekingcontests, of which Hillman (1989) and Nitzan (1994) provide useful surveys. AlthoughTullock's 'winner take all' model has been adapted and extended in numerous ways, thereremain fundamental modeling issues,...
Persistent link: https://www.econbiz.de/10005869062
Player i's payoff in a noncooperative game is generally expressed as a function of thevector of strategies of all players. However, in some games - 'simply reducible games' - thepayoff of player i is a function of two arguments - the strategy chosen by i, and the sum ofthe strategies of all...
Persistent link: https://www.econbiz.de/10005869076