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\enquote{\emph{The degree of collusion decreases as the number of competitors rises. However, substantial collusion continues to prevail when firms are three or four in number.}}
\textbf{Research Gap:} Fish et al. focus on duopoly settings. How does LLM collusion scale with market size?
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\textbf{Folk Theorem Implication:} Collusion sustainability requires $\delta\geq\frac{\pi^D - \pi^C}{\pi^D}$ where $\pi^C = \frac{\pi^M}{n}$. As $n$ increases, the critical discount factor approaches unity, making collusion sustainable only under conditions of extreme patience (see \ref{app:ft}).
\caption{Average prices over 300 rounds for markets with 2, 3, 4, and 5 agents under two prompt specifications (P1, P2). Shaded areas represent 95\% confidence intervals across 21 experimental runs per condition (7 runs × 3 $\alpha$-parameters). Prices systematically decline as the number of competing agents increases, consistent with Folk Theorem logic on collusion sustainability.}
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