Bernasconi, Mario; Espinosa, Miguel; Macchiavello, Rocco; … - 2023
Under collusion, firms deviate from current profit maximization in anticipation of future rewards. As current profit … implementation, of a reform that potentially made collusion harder to sustain. After ruling out confounders, we uncover how the … cartel functioned and how firms may have communicated. Calibrating the dynamic enforcement constraint confirms that collusion …