(i) Period 2 - 8

(ii) Period 9 - 15

My strategy in period t

My strategy in period t

Other firm strategy in period t-1

LB

HB

LA

HA

N (obs.)

Other firm strategy in period t-1

LB

HB

LA

HA

N (obs.)

LB

36%

28%

16%

20%

50

LB

57%

7%

18%

18%

28

HB

24%

49%

11%

16%

45

HB

5%

70%

5%

20%

44

LA

18%

7%

66%

9%

56

LA

6%

1%

90%

3%

78

HA

16%

16%

16%

53%

45

HA

9%

22%

13%

57%

46