more likely to leave the cartel for small quality differences, high quality firms determine cartel stability when the …

bidding rings. In equilibrium, collusive negotiations are either successful or are avoided altogether, hence such analysis … collusion is possible, but negotiations often break down and information is revealed in an asymmetric way. The existing …

. Within this setting, we study four types of price-fixing agreement: (i) a segment-wide cartel in the premium submarket only …, (ii) a segment-wide cartel in the standard submarket only, (iii) two segment-wide cartels, and (iv) an industrywide cartel …-wide cartel prefers to maintain market shares at pre-collusive levels. The impact on consumer and social welfare critically …