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文章基本信息

  • 标题:The Power of Money: Wealth Effects in Contests
  • 本地全文:下载
  • 作者:Fred Schroyen ; Nicolas Treich
  • 期刊名称:Discussion Papers / Norwegian School of Economics and Business Administration
  • 印刷版ISSN:0804-6824
  • 出版年度:2013
  • 卷号:2013
  • 出版社:Bergen
  • 摘要:Two wealth effects typically arise in any contest: i) wealth decreases the marginal cost of effort, but also ii) decreases the marginal benefit of winning the contest. In this paper, we introduce three types of strategic contest models depending on whether the first, second, or both wealth effects play a role: namely, a privilege contest, an ability contest, and a rent-seeking contest. Our theoretical analysis reveals that the effects of wealth and wealth inequality are strongly “contestdependent” and are complex in the sense that they depend on the decisiveness of the contest and on the higher-order derivatives of the utility functions of wealth. Our analysis thus does not support general claims that the rich should lobby more or that low economic growth and wealth inequality should lead to additional conflicts.
  • 关键词:Conflict; contest; rent-seeking; wealth; risk aversion;lobbying; power; redistribution.
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