Rents, dissipation and lost treasures: comment

In an interesting recent paper, Dari-Mattiacci and Parisi (2005) extended Tullock.s (1980) rent-seeking game with an entry decision. The mixed strategies identified by Dari-Mattiacci and Parisi for the case of increasing returns in the contest success function (r > 2) do not constitute an equilibrium of the game they study. However, these strategies are an equilibrium if the strategy space of the game is restricted by a minimum expenditure requirement, and this minimum expenditure requirement is an element of a specific interval

Rents, dissipation and lost treasures: comment

In an interesting recent paper, Dari-Mattiacci and Parisi (2005) extended Tullock.s (1980) rent-seeking game with an entry decision. The mixed strategies identified by Dari-Mattiacci and Parisi for the case of increasing returns in the contest success function (r > 2) do not constitute an equilibrium of the game they study. However, these strategies are an equilibrium if the strategy space of the game is restricted by a minimum expenditure requirement, and this minimum expenditure requirement is an element of a specific interval.

Sinker cypress: treasures of a lost landscape

Sinker cypress (Taxodium spp.) logs are timbers that were lost during transit from harvest locations in the swamps and mill sites during the industrial cypress harvest from 1880-1930. A small industry has developed, concentrated on the recovery of sinker logs. Most of the persons involved in the recovery of sinker cypress, mill the logs into lumber, and sell the timber directly to consumers or to distributors. A smaller number of pullers retain the logs for personal use. Recovery operations are a costly endeavor and require a significant investment on the part of the harvesters. Most pullers are owner/operators who do not use profits from log sales as a primary source of income. The federal and state governments have enacted policies and regulations to prevent negative impacts on the ecosystems around recovery locations. Persons who harvest sinker cypress logs must apply for permits to remove sinker cypress from waterways. Sinker cypress recovery is cost and labor intensive. The preferred methodology of finding logs is to don diving gear and feel for logs in the mud on the bottoms of rivers and streams. This study was conducted in south Louisiana and conclusions were based primarily on personal interviews and legal studies. There is a spatial relationship between the cultural identity of south Louisiana and cypress. South Louisiana is a source of sinker cypress and the majority of people who purchase the wood live in region. The wood is also used on a smaller scale in restoration projects in the United States in order to maintain consistent wood grain matching

ReadSeeHear This: Lost Treasures of St. Louis

Cameron Collins never imagined that the success of his personal blog “Distilled History” — a St. Louis history and drinking blog — would lead to a book deal. The idea of the blog began when he wanted to learn more about the city’s rich history. But he also wanted to throw in a twist. Collins writes, “If you know me, you know I’m a big fan of two things: history and drinking. Specifically, St. Louis history and, specifically, drinking well-made cocktails.” Collins hunts for bits of under-the-radar history and then stops for a drink on the way. His blog led to his first book, Lost Treasures of St. Louis. For more information, visit www.distilledhistory.com

Rents, Dissipation, and Lost Treasures with N Parties

The rent-seeking literature is unanimous on the fact that, in a rent-seeking context, the rent dissipation increases with the number of potential participants. In this paper we analyze the participants\u27 choice to enter the game and their levels of efforts. We show that the usual claim - that the total dissipation approaches the entire value of the rent - applies only when participants are relatively weak. In the presence of strong competitors, the total dissipation actually decreases, since participation in the game is less frequent. We also consider the impact of competitors\u27 exit option, distinguishing between redistributive rent-seeking and productive rent-seeking situations. In redistributive rent-seeking, no social loss results when all competitors exit the race. In productive rent-seeking, instead, lack of participation creates a social loss (the lost treasure effect), since valuable rents are left unexploited. We further show that in N-party rent-seeking contests, the lost-treasure effect perfectly counterbalances the reduction in rent dissipation due to competitors\u27 exit. Hence, unlike redistributive rent-seeking, in productive rent-seeking the total social loss remains equal to the entire rent even when parties grow stronger, irrespective of their number

Lost treasures of Strawberry Hill: masterpieces from Horace Walpole's collection

Lost Treasures of Strawberry Hill, an exhibition at the eponymous House and Gardens in Twickenham, poses a conundrum. It offers a once-in-a-lifetime opportunity for enthusiasts of eighteenth-century culture, and therefore can be recommended with enthusiasm. But it also has significant presentational problems which make the displays and their contexts less than fully comprehensible to visitors. Like few other exhibitions I have seen, Lost Treasures manages to be both fascinating and frustrating

Treasures from UCL

UCL has one of the foremost university Special Collections in the UK. It is a treasure trove of national and international importance, comprising over a million items dating from the 4th century AD to the present day. Treasures from UCL draws together detailed descriptions and images of 70 of the most prized individual items. Between the magnificent illuminated Latin Bible of the 13th century and the personal items of one of the 20th century’s greatest writers, George Orwell, the many highlights of this remarkable collection will delight and intrigue anyone who picks up this book

Miri's overlooked industrial heritage

Industrial heritage is a part of our cultural heritage. It demonstrates the development of industrial technology, the changing production methods, and working conditions in bygone days, and helps us understand society's history and development more broadly. Nowadays, industrial heritage can be seen in historic factories, refineries, drilling towers, mills, railways, lighthouses, other old buildings and structures, and historic documents. The state capital, Kuching, which dates back to more 185 years, is not the only place that has an industrial heritage in Sarawak. Miri, the state’s second-largest city, which was commonly known as ‘The Oil Town’ before assuming its current moniker ‘Resort City’, also has the potential to highlight her industrial heritage. While the city has unfortunately already lost some of its industrial heritage sites, all is not lost as it still has a few tangible industrial treasures, which are still visible but in danger of being lost if neglected furthe