We study all-pay auctions with budget-constrained bidders who have access to fair insurance before bidding simultaneously over a prize. We characterize a unique equilibrium for the special cases of two bidders and one prize, show existence and a heuristic for finding an equilibrium in the case...

A distinction between individual and communal aspects of social capital is introduced, and their roles in production explored. Contacts are required to transact. contact formation and replacement are mediated by either market institutions or, less efficiently, by informal networks. Replacement...