David Zetland teaches Environmental Economics and Policy 100 at UC Berkeley. In this YouTube clip from one of his lectures, he demonstrates how political lobbying is like an all-pay auction (an auction where you pay your bid regardless of whether or not you actually bid the final, highest bid).
[YouTube – Political lobbying explained through the example of all-pay auctions]
A sleazy online auction site, named Swoopo, uses a similar style auction to dupe suckers into creating a “sunk cost” and then extending the time, giving the competition time to recap their own sunk costs. Everyone is a loser in this game, do not play it.—see Metafilter’s writeup.
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