Risk Aversion in Rent‐Seeking and Rent‐Augmenting Games
研究了寻租竞赛中两类支出受风险规避的影响：寻租支出（提高获得租金的概率）和租金扩大支出（增加租金规模）。风险规避明确减少后者，但对前者影响不确定，原因在于两类支出对玩家风险状况的不同作用。
The effects of risk aversion are examined for two types of expenditures in rent‐seeking contests: (a) Rent‐Seeking Expenditures, which improve the probability that the rent is obtained; and (b)) Rent‐Augmenting Expenditures, which increase the size of the rent to be awarded. Risk aversion is shown to reduce expenditures of type (b) unambiguously, while having an indeterminate effect on those of type (a). These two contrasting results are shown to derive from the very different effects rent‐seeking and rent‐augmenting expenditures have on the riskiness of a player's position.