And it’s worth noting that a gentlemen’s agreement to not compete too hard is profitable for all parties in a heavily restricted market. Ergo, the government-granted oligopoly is only superior to the monopoly insofar as you expect business executives to be irrational enough to not cooperate in the iterated Prisoner’s Dilemma.
And it’s worth noting that a gentlemen’s agreement to not compete too hard is profitable for all parties in a heavily restricted market. Ergo, the government-granted oligopoly is only superior to the monopoly insofar as you expect business executives to be irrational enough to not cooperate in the iterated Prisoner’s Dilemma.