Collusion through price ceilings? In search of a focal-point effect

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(1)Collusion through price ceilings? In search of a focal-point effect Dirk Engelmann, Wieland Müllerz. To cite this version: Dirk Engelmann, Wieland Müllerz. Collusion through price ceilings? In search of a focalpoint effect. Journal of Economic Behavior and Organization, Elsevier, 2011, 79 (3), pp.291. �10.1016/j.jebo.2011.02.008�. �peer-01053435�. HAL Id: peer-01053435 https://hal.archives-ouvertes.fr/peer-01053435 Submitted on 31 Jul 2014. HAL is a multi-disciplinary open access archive for the deposit and dissemination of scientific research documents, whether they are published or not. The documents may come from teaching and research institutions in France or abroad, or from public or private research centers.. L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des établissements d’enseignement et de recherche français ou étrangers, des laboratoires publics ou privés..

(2) Accepted Manuscript Title: Collusion through price ceilings? In search of a focal-point effect Authors: Dirk Engelmann, Wieland M¨ullerz PII: DOI: Reference:. S0167-2681(11)00072-2 doi:10.1016/j.jebo.2011.02.008 JEBO 2710. To appear in:. Journal. Received date: Revised date: Accepted date:. 10-5-2010 28-1-2011 4-2-2011. of. Economic. Behavior. &. Organization. Please cite this article as: Engelmann, D., M¨ullerz, W., Collusion through price ceilings? In search of a focal-point effect, Journal of Economic Behavior and Organization (2008), doi:10.1016/j.jebo.2011.02.008 This is a PDF file of an unedited manuscript that has been accepted for publication. As a service to our customers we are providing this early version of the manuscript. The manuscript will undergo copyediting, typesetting, and review of the resulting proof before it is published in its final form. Please note that during the production process errors may be discovered which could affect the content, and all legal disclaimers that apply to the journal pertain..

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(6) *Response to Reviewers. January 28, 2011. cr. We are grateful for the reports we received on our paper. ip t. Dear Professor Neilson,. “Collusion through price ceilings? In search of a focal-point effect”. an. us. (JEBO-D-10-00245) by Dirk Engelmann and myself and the invitation to revise and resubmit it. We apologize for the long delay in resubmitting the paper. This delay was due to the fact that both Dirk Engelmann and myself have new affiliations and moved to new places.. Sincerely,. Ac. ce pt. Wieland Müller. ed. M. The revision addresses all the issues raised by the editor and the referees. In what follows we describe in detail how we responded to the editor’s and the referees’ comments.. Page 2 of 29.

(7) In response to the editor’s comments, we did the following:. x x. We have shortened the paper to 25 pages, mainly by briefly summarizing our analysis of the number of colluding pairs that we presented on pages 14-17 in the original version of the paper. The table and detailed discussion have been moved to Appendix B in the supplementary content to be published online. We moved the proof of Proposition 1 to Appendix A in the document “Supplementary Content.” We have changed the style of the references into proper JEBO format.. us. x. We provide the instructions of our experiments in Appendix C in the document “Supplementary Content” to be made available on JEBO’s homepage. We have corrected the typos.. an. x. cr. In response to the comments of referee #1, we did the following:. ip t. x. In response to the comments of referee #2, we did the following:. M. Ac. x. ed. x. As mentioned above, we have shortened the paper. We follow the referee’s suggestion of explicitly acknowledging the use of undergraduate university students in the implementation subsection where we add that our subjects where (largely undergraduate) students from a wide variety of subjects. We also discuss in the introduction in more detail possible reasons why our study using student subjects may not be easily generalizable. However, we actually do believe that most arguments why firms would behave differently than our subjects make it rather less than more likely that they would use price ceilings as collusive focal points. How convincing our arguments are should in our mind be ultimately be left to the eventual readers. We also added the following footnote (footnote 19) in the conclusions where we discuss possible routes for future research:. ce pt. x x. “Among possible alternatives for further research are to check the effect of allowing sellers to communicate, having groups instead of individuals act in the role of sellers and of using experienced subjects.”. Page 3 of 29.

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(59) =?B5 D81> 9> $1C8 5AE9<92B9E= (5<<5B

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(88) 9> D85 C53?>4 @81C5 G9D8 1 359<9>7 1>4

(89) ?6 38?935C C1D9C6I 9> D85 KBCD @81C5 G9D8?ED 1 359<9>7 G9D8 1D %F5B1<< D85C5 B5CE<DC. Page 13 of 29.

(90) 1200 1000 800 600 400 200 0. ip t. Frequency. Histogram of prices (with demand information). Price Category. CeilingInfo. us. NoCeilingInfo. cr. <15 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31- 40 41- 48 >48 39 47. an. 97EB5

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(97) 1200 1000 800 600 400 200 0. ip t. Frequency. Histogram of prices (without demand information). Price Category. CeilingNoInfo. us. NoCeilingNoInfo. cr. <15 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31- 40 41- 48 >48 39 47. an. 97EB5 9CD?7B1= ?6 @B935 38?935C 6?B D85 DB51D=5>DC G9D8?ED 45=1>4 9>6?B=1D9?> $?D5 HDB5=5 31D57?B95C G9D8 65G ?2C5BF1D9?>C 1B5 177B571D54. M. @B935C 9>3B51C5C G9D89> DB51D=5>DC 6?B 1<< DB51D=5>DC G85B51C 13B?CC DB51D=5>DC D85 ?>9K31>D 49R5B5>35 CE@@?BDC =?B5 $1C85AE9<92B9E= @B935C G9D8 1 359<9>7 ,5 CE==1B9J5 D85 =19> B5CE<D. %$(&!. ed. ?> D85 @B935 49CDB92ED9?> 1C &" " # $ #)$ *" $ %" "#. pt. ,9D8?ED 45=1>4 9>6?B=1D9?> @B935C

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(103)

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