from institutional sources concerning different manufacturing sectors from five countries (France, Germany, Italy, Spain …

is highest if only the competitor(s) is (are) loyal to the cartel. Yet collusion inflicts harm on the opposite market … cooperation, undercutting is defection. Jointly, competitors are better off if both are faithful to a cartel. Individually, profit … we add beliefs as a control variable, we only find that externalities enhance cooperation, even if gains from collusion …

tacit collusion under conditions of demand uncertainty. Sellers in these repeated laboratory markets generally shared … share or conceal information, so the information sharing itself did not substantially increase tacit collusion …

tacit collusion under conditions of demand uncertainty. Sellers in these repeated laboratory markets generally shared … share or conceal information, so the information sharing itself did not substantially increase tacit collusion …