Dynamic Cheap Talk without Feedback

Atulya Jain

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arXiv · 2604.26443

Dynamic Cheap Talk without Feedback

Atulya Jain

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Abstract

We study a dynamic sender-receiver game in which the sender observes a state evolving according to a Markov chain but does not observe the receiver's action. Despite the absence of feedback, dynamic interaction partially restores commitment. We show that any equilibrium payoff of a persuasion model with partial commitment, where the sender can deviate to signaling policies that preserve the marginal distribution over messages, can be achieved as a uniform equilibrium payoff in the dynamic game. Moreover, any convex combination of such payoffs across message distributions can also be sustained. When the sender's payoff is state-independent, she achieves the Bayesian persuasion payoff.

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Atulya Jain. 2026-07-14. Dynamic Cheap Talk without Feedback. https://arxiv.org/abs/2604.26443

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