sustain collusion the lower the search cost. In other words increased transparency may facilitate collusion even if the … sellers' information is unaffected. A transitory improvement of price transparency unambiguously leads to lower prices. Hence …

opponent’s strategy. We note that the concept of such complete transparency of decision procedures is logically inconsistent …. Furthermore, we observe that attempts to justify indirect transparency on evolutionary grounds, by the development of physical … characteristics that signal behavior, must fail. Finally, we suggest a model of partial transparency that is logically consistent and …