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Rent-Seeking and X-Inefficiency.

  • Mathematics


This paper discusses the social cost of monopoly with special attention given to the geometric representation of that social cost, notably rent-seeking and X-inefficiency. The possibilit y of an overlap between these two measures is examined. In particular, the paper addresses a problem of measure identification that highlights the need to reconsider the normative microfoundations of rent-seeking. Copyright 1993 by Kluwer Academic Publishers

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