Billette de Villemeur, Etienne; Flochel, Laurent; … - Volkswirtschaftliche Fakultät, … - 2012
large class of repeated games with discounting, we show that, absent participation and limited liability constraints, there … collusive stage-game strategy. When either the participation constraint or the limited liability constraint bind, there exists … severity. In this case the lowest discount factor that permits collusion is strictly higher than without the limited liability …