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Private Experimentation, Data Truncation, and Verifiable Disclosure

A sender seeks to persuade a receiver by presenting evidence obtained through a sequence of private experiments. The sender has complete flexibility in his choice of experiments, contingent on the private experimentation history. The sender can disclose each experiment outcome credibly, but cannot prove whether he has disclosed everything. By requiring `continuous disclosure', I first show that the private sequential experimentation problem can be reformulated into a static one, in which the sender chooses a single signal to learn about the state. Using this observation, I derive necessary conditions for a signal to be chosen in equilibrium, and then identify the set of beliefs induced by such signals. Finally, I characterize sender-optimal signals from the concavification of his value function constrained to this set.

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