This paper studies the effect of forward contracts on the stability of collusion among firms, competing in supply … functions on the spot market. A forward market can increase the range of discount factors which allow to sustain collusion. On … the contrary, collusion is destabilised when a potential deviator sells a significant amount forward. Results do not …

information, our data confirm the well-known result that duopoly players achieve, on average, partial collusion. However, as soon …

, however, ignores dynamic effects. We show that an MQS can hinder collusion, resulting in dynamic welfare gains that reduce and …