in a simple model that the perceived degree of past differentiation affects future incentives. We then study the impact … of differentiation empirically with a large panel data set spanning many firms in one industry. On average, stronger … differentiation has a substantial positive effect on performance. This effect is larger on higher hierarchical levels. But …

agencies. After having examined the market, competition authorities concluded that tacit collusion existed but could not easily … type of variable tax scheme successfully manages to render collusion an unprofitable business. In addition, it is also easy … - and therefore non-prosecutable - collusion, could be turned into a regulatory virtue as it becomes a powerful means to …