Case studies of cartels and recent theory suggest that repeated communication is key for stable cooperation in … understood. We study cooperation under different monitoring and communication structures in the laboratory. Under all monitoring … environments where signals about others' actions are noisy. However, empirically the exact role of communication is not well …

the content of their communication reliably predicts subsequent prices. We find that already the mere mutual agreement to … meet predicts a strong increase in prices. Conversely, express distancing from communication completely nullifies its … otherwise price-increasing effect. Using machine learning, we show that communication only increases prices if it is very …

experiments with written cheap-talk communication between players and we compare them to treatments without the possibility to … tacitly but that the number of firms does not significantly affect outcomes with communication. As a result, the payoff gain … from communication increases with the number of firms, at a decreasing rate. …

ε-CCE. Thus, in our model, communication is necessary for cooperation. …We study the role of communication in repeated games with private monitoring. We first show that without communication …