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- W2257065735 abstract "This paper analyzes an infinitely repeated game of contest for resources. It studies how rent seeking technology affects the long term sustainability of pluralistic competition where there is more than one contestant to resources. If there is over dissipation of rent, pluralistic competition is unsustainable. The paper uses the ratio form of Tullock-Hirshleifer contest success function. It focuses its analysis on the steady state equilibrium of continuing contests where key variables such as contest effort and share of contested resources captured and secured by the respective contestants are time invariant. The paper finds out that greater economies of scale in contest result in greater dissipation of rent and, if the economies of scale in contest are large enough, then there will be either over dissipation of rent (when contestants are about equally powerful) or the stronger contestant will overwhelm the weaker one (when contestants are very unequal in power). In either case, pluralistic competition is not sustainable in the long run. It then applies the insights to understand dissipation of rent in competition for market share, domestic electoral politics and military contest. The major findings of the paper are: Anti trust laws and international trade regimes (such as GATT and WTO) achieve efficiency gains through the two mechanisms of promoting market competition and reducing rent seeking efforts to gain market share; The European great constituency electoral system (which has smaller economies of scale in contest) encourages the efforts of small parties while the Anglo American small constituency electoral system (which has larger economies of scale in contest) facilitates the dominance of major parties and, the American system has large dissipation of rent given that it has the largest economies of scale in contest; Military technological changes that reduced economies of scale in contest led to collapse of great empires and emergence of state systems and revolutions in the techniques of violence that increased economies of scale in contest eliminated pluralistic state system and ushered in great empires." @default.
- W2257065735 created "2016-06-24" @default.
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- W2257065735 date "2012-01-01" @default.
- W2257065735 modified "2023-09-24" @default.
- W2257065735 title "Rent Seeking Technology and Long Term Sustainability of Pluralistic Contest" @default.
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- W2257065735 doi "https://doi.org/10.2139/ssrn.2128968" @default.
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