The Value of Collusion with Endogenous Capacity and Demand Uncertainty
构建了一个包含产能投资和需求冲击的计算双寡头模型，发现内生产能投资有时会使合谋的价值低于竞争，并改变合谋盈利性与贴现率及行业需求冲击之间的常规关系。
Collusion has often been alleged in industries where long‐lived capacity investments are important. This article develops a computational duopoly model with capacity investments, demand shocks and either competitive or collusive pricing. It shows that allowing for endogenous capacity investments can sometimes make collusion less valuable than competition and that it can change the normal relationships between the profitability of collusion and both the discount rate and industry‐wide demand shocks.