A Theory of Price-Fixing Rings
构建了一个不允许私下补偿的卡特尔模型，研究企业在需求不确定下如何通过谈判固定价格和市场份额，模型预测与实证证据一致。
Price-fixing rings with market sharing arrangements are an empirically important category of cartel phenomena. This paper develops a cartel model in which side payments are not allowed and firms engage in negotiations to fix price and market shares under conditions of demand uncertainty. The negotiated agreement reflects cost averaging and yields a solution on the contract curve. The price determined by unit cost averaging ensures acceptable profits for the firms while the risks associated with slack demand and excess capacity are spread across the firms in accordance with the division of the market. The model's predictions are consistent with available empirical evidence.