from, individual markets. We show that this gives rise to a new mechanism by which a cartel can sustain a collusive …

; this is equivalent to modeling firms as an implicit cartel playing a punishment game. We show that coordination can …

century. These established markets are completely dominated by an incumbent cartel composed of several member shipping lines …. The cartel makes the decision whether or not to begin a price war against the entrant; some entrants are formally admitted … to the cartel without any conflict. I use characteristics of the entrant to predict whether or not the entrant will …

wedge. We estimate a monetary DSGE model with cartel wedges along with productivity and monetary shocks. Our main finding is …, and productivity shocks on macroeconomic activity during the Great Depression. To construct a parsimonious and common … model framework, we use the fact that many cartel policies are observationally equivalent to a country-specific labor tax …

integrated. These patterns are consistent, however, with an alternative efficiency-based mechanism. Namely, higher productivity … evidence that integrated producers' productivity advantage is tied to improved logistics coordination afforded by large local … local concrete operations have similarly high productivity levels …

it is detected. We propose a theory of "equilibrium price cutting and business stealing" in cartels to bridge this gap … between theory and observation …