Covert learning and disclosure

Matteo Escud\'e
Authors registered in the RePEc Author Service: Matteo Escudé

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Abstract: I study a model of information acquisition and transmission in which the sender's ability to misreport her findings is limited. The sender learns covertly, so a key observation is that in equilibrium she must be deterred from undetectably worsening the meaning of the messages she sends. This force substantially disciplines equilibrium beliefs and behavior: the receiver is maximally skeptical of what the sender claims and learns all discovered information. I exploit these equilibrium properties to characterize the sense in which the sender benefits from her claims being more verifiable, showing that this is akin to increasing her commitment power. Finally, I identify sender- and receiver-optimal falsification environments.

Date: 2023-04, Revised 2025-10
New Economics Papers: this item is included in nep-gth and nep-mic
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