This study shows that distortion of probabilities is a possible reason for rent under-dissipation in contests with relatively small number of participants. Such distortion may also result, however, in over-dissipation of the contested rent. Focusing on contests with homogeneous contestants and...

Membership in the authors' labor-managed firm is determined in the long run by expected income maximization. In the short run, upon the realization of output price, each member may leave the labor-managed firm. However, a decision to leave when the entire membership quits is associated with...

This paper generalizes the widely studied individual rent-seeking model by introducing the possibility of collective rent seeking; n interest groups compete over a fixed rent and individual group members decide voluntarily on the extent of participation in their group rent-seeking activities....