Abstract
We show that in a contest with many participants and a single prize, the expected effort (or resources) made by a participant whose evaluation of the prize is ranked as the kth highest valuation obeys an exponential rule in the limit and is equal to 1/2^{k} of the total expected effort made by all of the participants. Thus, even if the contest's organizer can recover only k of the highest effort, the total losses caused in the limit by the lost efforts is 1/2^{k 1} of all of the efforts. We also extend our results to contests with m prizes and with risk averse participants.
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