Classroom Game on the Theory of Rent Seeking: Some Practical Experience

On the basis of our practical experience in applying the classroom game on rent seeking proposed by Goeree and Holt, we suggest two setup modifications and one extension to the original game. The modifications are intended to increase the teaching value of the classroom game by enlarging the choice...

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Bibliographic Details
Published in:Southern economic journal 2002-07, Vol.69 (1), p.195-199
Main Authors: Bischoff, Ivo, Hofmann, Kai
Format: Article
Language:English
Subjects:
Auctions
Capital stock
Capital stocks
Classrooms
Costs
Decision making
Economic rent
Economic research
Economic theory
Economics
Economics education
Empirical tests
Equilibrium
Expenditures
Experiments
Game theory
Games
Lotteries
Misperception
Modifications
Questionnaires
Rent seeking behavior
Rent-seeking
Risk
Students
Studies
Targeting Teaching
Teaching
Teams
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Summary:On the basis of our practical experience in applying the classroom game on rent seeking proposed by Goeree and Holt, we suggest two setup modifications and one extension to the original game. The modifications are intended to increase the teaching value of the classroom game by enlarging the choice space of the teams and further clarifying the welfare consequences of rent seeking. The extension is introduced to show that teams' high risk preference does not result from a misperception of the decision-making problem. Instead, this preference is argued to be the consequence of the rivalrous nature of the game.
ISSN:0038-4038
2325-8012
DOI:10.1002/j.2325-8012.2002.tb00486.x