We investigate two-players private-value repeated auction, where only the winner's identity is announced. No other information is available. We show that there exist €-equilibria approximating first-best collusive outcomes when the bidders are sufficiently patient and are allowed to condition their strategies on their private information. In addition, we show that when the players are restricted to using only public strategies, then their payoff is bounded away from efficiency in any €-equilibria.

Keywords: collusion, private strategies, imperfect private monitoring.

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