Collusive Investments in Technological Compatibility: Lessons from U.S. Railroads in the Late 19th Century
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Collusion is widely condemned for its negative effects on consumer welfare and market efficiency. In this paper, I show that collusion may also in some cases facilitate the creation of unexpected new sources of value. I bring this possibility into focus through the lens of a historical episode from
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美国国家经济研究局创建时间：
2019-09-01
