Discussion paper

DP8949 Multi-Stage Sequential All-Pay Auctions

We study multi-stage sequential all-pay contests (auctions) where heterogeneous contestants are privately informed about a parameter (ability) that affects their cost of effort. We characterize the sub-game perfect equilibrium of these multi-stage sequential all-pay contests and analyze the effect of the number of contestants, their types, and their order on the expected highest effort.


Sela, A and E Segev (2012), ‘DP8949 Multi-Stage Sequential All-Pay Auctions‘, CEPR Discussion Paper No. 8949. CEPR Press, Paris & London. https://cepr.org/publications/dp8949