Embedding consumer experimentation with a product or service into a market environment, we find that unregulated contracts induce too few returns or cancellations, as they do not internalize a pecuniary externality on other firms in the market. Forcing firms to let consumers learn longer by...

This paper characterizes equilibrium persuasion through selective disclosure based on the personal information that senders acquire about the preferences and orientations of receivers, with applications to strategic marketing and campaigning. We derive positive and normative implications...