… we admit to a fascination with collusive conduct. The successful suppression of competition is a thing of economic beauty … However, it is a tragedy to read about firms that were fined huge amounts for engaging in nominally anti-competitive actions that had no chance of being successful. We have read of managers of competing firms, meeting at fast-food restaurants or coffee shops, discussing bids or prices, and then meeting again the following week to complain that their discussions failed to yield results. How could a competent manager believe that substantial gains of profits are available for the price of a lunch and one hour of conversation? Successful explicit collusion requires planning, investments in administration, clear thinking, and hard work.
Marshall/Marx, The Economics of Collusion, MIT Press 2012, Preface, ix/x.
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