Abstract: With the rapid diffusion of AI-generated content, AI-driven misinformation is becoming increasingly pervasive and difficult to govern, undermining information credibility and social trust. This study models the strategic interdependence among a government regulator, an AI enterprise, and users through a three-party evolutionary game that incorporates heterogeneous rewards and punishments. From the resulting replicator equations, we characterize the evolutionary stability of competing governance and production strategies. The analysis indicates that neither unilateral regulation nor market incentives alone can effectively curb misinformation. Instead, an evolutionarily stable regime of real-information production arises only when regulatory rewards and punishment intensity, enterprise reputation loss, and user adoption incentives collectively surpass critical thresholds. The findings highlight the need for coordinated and adaptive policy mixes that align regulatory instruments with enterprise behavior and user uptake while managing governance costs.
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