The results make interesting reading. It turns out that a crucial factor is the speed at which buyers and sellers react to the market. When buyers react quicke

The results make interesting reading. It turns out that a crucial factor is the speed at which buyers and sellers react to the market. When buyers react quickest, sellers are forced to match the best possible value for money and prices tend to drop. By contrast, when sellers react quickest, they are quick to copy others offering poor value for money. This reduces the number of sellers offering good value for money in a vicious cycle that drives prices as high as possible. Does this model match practice? i.e. If we consider all industries in which there are price cartels, particularly those that were formed without price collusion, could the existence of those cartels be attributed to sellers reacting faster than buyers? Also, are we confident of the converse? That there an no examples of non-collusive cartels in markets where buyers react faster than sellers? This seems plausible to.