The dynamics of lobbying — A differential game |
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Authors: | Franz Wirl |
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Institution: | 1. Institute of Energy Economics, Technical University of Vienna, Gu?hausstr. 27-29, A-1040, Wien
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Abstract: | This paper presents a dynamic model on lobbying. The interactions between two competing lobbies, who attempt to influence regulations and legislation, are modelled as a differential game. We consider for this game first a time consistent and then a subgame perfect equilibrium (in linear Markov strategies). The subgame perfect equilibrium lowers considerably lobbying activity and expenses. This provides a partial explanation of the puzzle that rent-seeking expenses are often small compared with the prize sought. |
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