Dynamic Cheap Talk without Feedback

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.