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Aguanomics: The Political Economy of Lobbying
Marginal Revolution: How to sell a dollar for more than a dollar
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We're doing this business thing all wrong. http://bit.ly/pCF2A 14 days ago |
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Check this video out -- Political lobbying explained through the example of all-pay auctions http://bit.ly/pCF2A 18 days ago |
The Political Economy of Lobbying
Aguanomics —
Last week, I taught my students about different auction techniques. After I auctioned four books under different rules, I auctioned $1.00 for $3.75.
Now before you say "WTF?" (or perhaps I am too late!), let me explain.
First, it was an all-pay auction, which requires that all bidders pay their highest bid to the auctioneer, even if they do not "win."
Second, watch this video of the auction:
Third, what happened? There were four bidders. Mr. A bid $0.25; Ms. B bid $0.50; Ms. C bid $0.75; Mr. D bid $1.00. Then Ms. B raised her bid to $1.25 before Mr. D won the auction with a ...
How to sell a dollar for more than a dollar
Marginal Revolution —
In this time of cutbacks and furloughs professors need a quick source of extra cash. David Zetland explains how to sell a dollar for more than a dollar (and teach some game theory and something about political lobbying at the same time).
More on Lobbying and Rent-Seeking
Aguanomics —
Many people have watched the video of all-pay auctions that I used to show students how political lobbying works. This post explains what's going on.
Here are two more comments: All-pay-auctions do not recreate the dynamics of one-sided lobbying, where one special interest group (e.g., sugar producers, auto makers, wall street) bribes politicians to transfer taxpayer wealth to them. They are more like the competition between groups to influence politicians, e.g., various groups trying to get "their" version of legislation affecting the Sacramento Delta or doctors, insurance companies and pharma trying to affect healthcare legislation.
In ...
Political economy of lobbying
Angry Bear —
Rdan
David Zetland at Aguanomics had some fun with a lecture and thought exercise.
02 November 2009
The Political Economy of Lobbying
Last week, I taught my students about different auction techniques. After I auctioned four books under different rules, I auctioned $1.00 for $3.75.
Now before you say "WTF?" (or perhaps I am too late!), let me explain.
First, it was an all-pay auction, which requires that all bidders pay their highest bid to the auctioneer, even if they do not "win."
Second, watch this video of the auction (4 minutes! drama! laughter!): (rdan...">use ...
