We study exit decisions of duopolists from a stochastically declining market. Over time, firms privately learn about market conditions from observing the stochastic arrival of customers. Exit decisions are publicly observed; thus the model features both observational and private learning. A larger...

We study dynamic games in which senders with state-independent payoffs communicate to a single receiver. Senders' private information evolves according to an aperiodic and irreducible Markov chain. We prove an analog of a folk theorem — that any feasible and individually rational payoff can be...