We characterize a class of dynamic stochastic games that we call separable dynamic games with noisy transitions and establish that these widely used models are protocol invariant provided that periods are sufficiently short. Protocol invariance means that the set of Markov perfect equilibria is...

A principal decides when to exercise a real option. A biased agent influences this decision by strategically disclosing information. Committing to disclose all information with delay is the optimal way to persuade the principal to wait. Without dynamic commitment, this promise is credible only...