We consider all-pay auctions in the presence of interdependent, affiliated valuations and private budget constraints. For the sealed-bid, all-pay auction we characterize a symmetric equilibrium in continuous strategies for the case of N bidders. Budget constraints encourage more aggressive...

We provide a simple example demonstrating that the unconditional revelation information in a war of attrition with private budget constraints can decrease expected revenue. Our example suggests that information non-revelation can counteract the adverse revenue impact of budget constraints and...