Repeated Cournot model with justifiable punishments

•We study perfect equilibria with justifiable punishments in a repeated Cournot game.•We generalize the concept of justifiable punishments for games with many players.•We establish a folk theorem for this class of perfect equilibria.•Our intuitive strategy design may not be further simplified.

We study subgame perfect equilibria with justifiable punishments in a repeated Cournot model with more than two firms. To implement any of such equilibria, our intuitive strategy design may not be further simplified given the requirement for justifiable punishments.