Dynamic Competitive Persuasion

Abstract

Two long-lived senders play a dynamic game of competitive persuasion. Each period, each provides information to a single short-lived receiver. When the senders also set prices, we unearth a folk theorem: if they are sufficiently patient, virtually any vector of feasible and individually rational payoffs can be sustained in a subgame perfect equilibrium. Without price-setting, there is a unique subgame perfect equilibrium. In it, patient senders provide less information--maximally patient ones none.