has a profitable deviation consisting of a signal reduction. Instead, the pooling equilibrium where all sender's types … interest in pooling equilibria. …

makes the resulting pooling equilibrium extremely robust, even when costs of signal acquisition are very small. Also …, pooling is shown to be robust to all refinements based on out-of-equilibrium beliefs, even when the sender can engage in … on the receiver's effort to acquire the signal. These results provide a new source of interest in pooling equilibria. …