We prove existence and uniqueness of (Bayesian) equilibrium for a class of generally
asymmetric all-pay auctions with incomplete information. Due to its importance in
applications some prominence is given to the first-price all-pay auction, for which a detailed
characterization of equilibrium and an approximation to equilibrium of its well-studied
complete information version are supplied. Furthermore, we relate our uniqueness result to
the well-known multiplicity of equilibria in the “war of attrition”(second-price all-pay auction) …