In this paper, we propose technology uncertainty as a new factor relevant to market collusion. We analyze an infinitely … affected by an unobservable shock. Each firm faces technology uncertainty, measured by the variance of the shocks, in every … period. We show that, under both grim trigger strategies and optimal punishments, technology uncertainty enhances cartel …

. We find that the financial market takes account of the market uncertainty and the technology uncertainty of R&D for the …