this is for holding javascript data
Sébastien Rouillon edited sectionThe_benchmark.tex
over 8 years ago
Commit id: a8a396bd827323a57bd0c42f1deca0e1596a79d9
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The new product needs to be officially approved before lobby $I$ can market it. Two ways of doing so will be considered and compared below. In the first one, the regulator simply decides according to his prior beliefs using a cost-benefit analysis. In the second one, the regulator's decision depends on the two lobbyists' efforts, according
to a simultaneous Tullock contest (Tullock, 1980). Formally, lobbies $I$ and $E$ simultaneously bid nonnegative values, respectively denoted by $x$ and $y$, and the regulator approves the new product with the probability
% Ici, il faut annoncer que c'est le cas r=1 qui est considéré.
\begin{equation}
\pi\left(x,y\right)