We analyze maximal cartel prices in infinitely-repeated oligopoly models under leniency where fines are linked to illegal gains, as often outlined in existing antitrust regulation, and detection probabilities depend on the degree of collusion. We introduce cartel culture that describes how...

For a general class of oligopoly models with price competition, we analyze the impact of ex-ante leniency programs in antitrust regulation on the endogenous maximal-sustainable cartel price. This impact depends upon industry characteristics including its cartel culture. Our analysis disentangles...

Even under antitrust enforcement, firms may still form a cartel in an infinitely-repeated oligopoly model when the discount factor is sufficiently close to one. We present a linear oligopoly model where the profit-maximizing cartel price converges to the competitive equilibrium price as the...

One of the main issues in economics is the trade-off between marginalism and egalitarianism. In the context of cooperative games this trade-off can be framed as one of choosing to allocate according to the Shapley value or the equal division solution. In this paper we provide tools that make it...

We introduce a new solution for bankruptcy problems that satisfies weaker versions of the Exemption en Exclusion properties from the literature. Although the principles of Exclusion and Exemption are appealing, the specific conditions under which an agent receives its claim, respectively...

A situation in which a finite set of players can obtain certain payoffs by cooperation can be described by a cooperative game with transferable utility, or simply a TU-game. A one-point solution for TU-games assigns a payoff distribution to every TU-game. In this paper we discuss a class of...

We generalize the null player property (satisfied by the Shapley value) and nullifying player property (satisfied by the equal division solution) to the so-called delta-reducing player property, stating that a delta-reducing player (being a player such that any coalition containing this player...