antitrust agency and where transparency - while making lobbying less effective - also implies real resource costs. We examine … regulatory failures. We find that under a welfare standard, lobbying leads to the clearance of relatively inefficient mergers … relatively efficient mergers that would increase welfare (i.e. there is a type I error). Lobbying actually reduces the extent to …

private firm. We solve analytically for the Kantian equilibrium of this lobbying game together with the majority voting … more concentrated among the top productivity individuals, their increased lobbying effort generates efficiency as well as …

maker does not react unless all of them are actively lobbying. In a ‘mutual discipline’ or high-trust equilibrium, by …