Brod, Andrew; Shivakumar, Ram - In: Journal of Industrial Economics 47 (1999) 2, pp. 221-30
The textbook view that cartels increase industry profits and lower consumer welfare ignores the effects of competition in other activities. A revisionist view shows that, when cartel members compete in other activities, i.e., when they semicollude, the cartel members may be worse-off and...