Abstract
Two informed and interested parties (senders) repeatedly send messages to an uninformed party (public). Senders face a trade-off between propagating their favoured opinions, possibly by lying, and maintaining a high audience (or market share), as the state is occasionally revealed and lies cause audiences to switch to the competitor. We fully characterize the unique equilibrium (in linear strategies) of this game and discuss the impact of exogenous parameters on the truthfulness of equilibrium reporting. We also analyse the role of polarization and extremism of favoured opinions.
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