Private Monitoring and Communication in Cartels: Explaining Recent Collusive Practices
研究了当企业价格和销量为私人信息时，如何通过真实报告和内部转移支付实现稳定的合谋协议，并解释了柠檬酸、赖氨酸和维生素等市场的卡特尔实践。
Motivated by recent cartel practices, a stable collusive agreement is characterized when firms' prices and quantities are private information. Conditions are derived whereby an equilibrium exists in which firms truthfully report their sales and then make transfers within the cartel based on these reports. The properties of this equilibrium fit well with the cartel agreements in a number of markets including citric acid, lysine, and vitamins.