Collusion with (almost) no information
研究无限重复伯特兰博弈中，企业仅凭私人成本冲击和是否赢得消费者的信息，能否实现近似最优利润的合谋均衡，证明在足够耐心下存在这样的均衡。
We analyze noncooperative collusion in an infinitely repeated Bertrand game, where each of the n firms receives a privately observed, i.i.d. cost shock in each period and firms only (and privately) observe whether they have “won” the unit mass of consumers. No other information is available and no communication is allowed. We prove that there exist equilibria in private strategies approximating first‐best profits when firms are sufficiently patient. In particular, productive efficiency obtains in the limit.