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Was it a credible commitment by De Beers to threaten to punish any defectors from the diamond cartel?
- Words:
- 1157
- Submitted:
- Wed Mar 17 2004
Have a little read: ... Was it a credible commitment by De Beers to threaten to punish any defectors from the diamond cartel? Cartel agreements are "an institutional form of collusion"1. They present an alternative to traditional models of oligopolistic interaction, such as Betrand or Cournot models, that assume that firms act solely in order to maximise their total profits. In cartels, firms cooperate in order to maximise their joint profits, eventually leading to higher profits from each individual firm involved. More specifically, firms agree to produce smaller quantities, in order to drive up the market price. Although this sounds ideal in principle, in practice there exists the incentive for firms to deviate from such agreements and produce more than their predetermined quota in order to reap the benefits of a high price on a larger scale. This will place downwards pressure on the artificially high price. Ideally, firms must be able to retaliate in the
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