This question was resolved by Paul Sweezy some 65 years ago. The first oligopolist to cut prices will be viewed by its confreres as "pulling a fast one" to increase its market share. The response will be retaliation, raising the danger of a "ruinous price war." But the first to raise prices will be viewed as a "leader," entitled to gratitude for facilitating everyone else's rises by "testing the water" to show that the higher prices "can be made to stick."
Shane Mage
"When we read on a printed page the doctrine of Pythagoras that all things are made of numbers, it seems mystical, mystifying, even downright silly.
When we read on a computer screen the doctrine of Pythagoras that all things are made of numbers, it seems self-evidently true." (N. Weiner)