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We thank without implicating Harold Demsetz, Franklin Fisher, Jack Hirshleifer, John Riley, Al Roth and Gordon Tullock for comments on a previous draft of this paper.
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Hillman, A.L., Samet, D. Dissipation of contestable rents by small numbers of contenders. Public Choice 54, 63–82 (1987). https://doi.org/10.1007/BF00123805
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DOI: https://doi.org/10.1007/BF00123805