Existence of Equilibria in Lobbying Economics

Jay S. Coggins, Theodore Graham-Tomasi, Terry L. Roe, Jay S. Coggins, Theodore Graham-Tomasi & Terry L. Roe
Governments often establish economic policy in response to political pressure by interest groups. Since these groups' political activities may alter prices, economies so affected cannot be characterized by perfect competition. We develop a model of a "lobbying economy" in which consumers' choice of political activity simultaneously determines relative prices and income levels. They balance the loss in income due to lobbying payments against the potential gain in wealth from a favorable government price policy. This...
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