We introduce a novel method of modelling Tullock rent-seeking contests that avoids the complexities encountered by the ‘best response function’ approach. We analyse contests in which there are many risk averse players differing in their attitudes to risk. We establish that, if every player has a constant degree of absolute risk aversion, a unique equilibrium exists. We also establish comparativ...

In order to frame this question, and as a rhetorical device, I would like to set up a straw target as a caricature of what a closed system could look like. Central to the idea of a closed system is the concept of intellectual property as the equivalent of physical property, understood as owned in terms of some sort of title, either by an individual or corporate group, and available for sale or ...