(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

18%

35%

0%

47%

17

LB

14%

14%

0%

71%

7

HB

19%

56%

7%

19%

27

HB

7%

61%

0%

32%

28

LA

50%

17%

0%

33%

6

LA

14%

0%

71%

14%

7

HA

15%

18%

6%

62%

34

HA

10%

24%

5%

62%

42