  We consider a dynamic model of Bayesian persuasion in which information takes
time and is costly for the sender to generate and for the receiver to process,
and neither player can commit to their future actions. Persuasion may totally
collapse in a Markov perfect equilibrium (MPE) of this game. However, for
persuasion costs sufficiently small, a version of a folk theorem holds:
outcomes that approximate Kamenica and Gentzkow (2011)'s sender-optimal
persuasion as well as full revelation and everything in between are obtained in
MPE, as the cost vanishes.
