The moral, as I understood it, is that you don’t need illegal collusion to gain the effects of a cartel as long as you can use your pricing to play a reasonably pure iterated prisoner’s dilemma with the other members of your oligopoly.
The moral, as I understood it, is that you don’t need illegal collusion to gain the effects of a cartel as long as you can use your pricing to play a reasonably pure iterated prisoner’s dilemma with the other members of your oligopoly.