We characterize the equilibrium of the all-pay auction with general convex cost of effort and sequential effort choices …" and a group of players who choose "late". Only the player with the lowest cost of effort has a positive payoff in any … to their choice of timing. In the most prominent equilibrium the player with the lowest cost of effort wins the auction …

with the lowest effort cost has a positive payoff. This payoff and the overall dissipation crucially depend on group … composition. -- Sequential all-pay auction ; complete information ; generalized cost ; generalized Stackelberg game …