The war of attrition and the revelation of valuable information

- The revelation information in a war of attrition with private budget constraints can decrease expected revenue.
- Information non-revelation can counteract the adverse revenue impact of budget constraints.
- The linkage principle is sensitive to the presence of private budget constraints.

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 almost counterbalance their otherwise negative impact.