Problem
The prisoners' dilemma game offers insights into the incentives to cheat of agents who will not be placed in the same situation again, such as two criminals whom we can presume will not again be partners in crime. These insights carry over to the case where two suppliers are operating temporarily in a particular market, and have formed a cartel in order to maximise their short-term joint profits. Discuss the ways in which the argument will have to be modified if the two parties to the cartel know that they will be facing each other on the same market for many periods to come.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.