Doug Armstrong

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We consider an in¯nitely repeated Bertrand game, in which prices are publicly observed and each ¯rm receives a privately observed, i.i.d. cost shock in each period. We focus on symmetric perfect public equilibria (SPPE), wherein any \punishments" are borne equally by all ¯rms. We identify a tradeo® that is associated with collusive pricing schemes in which(More)
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