Renegotiation in the repeated Cournot model

We explore a new concept of renegotiation proofness in the symmetric repeated Cournot model with several players. We show that this concept significantly limits the cooperative outcomes that can be sustained in equilibrium. In particular, the symmetric monopoly outcome cannot be sustained when the number of players is high enough (9 in the case of the linear demand function). When the number of players tends to infinity, (i) the collusive benefits that could be sustained are at most four times the Cournot benefits, and (ii) the reasonable price that can be sustained in equilibrium tends to the Cournot price.