We analyze maximal cartel prices in infinitely-repeated oligopoly models under leniency where fines are linked to … collusion. We introduce cartel culture that describes how likely cartels persist after each conviction. Our analysis … disentangles the effects of traditional antitrust regulation, leniency, and cartel strategies. Without rewards to the strictly …

antitrust regulation on the endogenous maximal-sustainable cartel price. This impact depends upon industry characteristics … including its cartel culture. Our analysis disentangles the effects of traditional antitrust regulation and the leniency program …

not affect the average winning bid, nor the average winning cartel bid. The program does deter cartel formation, but it … makes cartels that do form more stable: subjects use the possibility to report the cartel as an additional stick to control … cartel members. In fact, cartel defection is the sole reason for designated and non-designated winners to report the cartel …

significantly decreased cartel activity. The design of these repeated game experiments however is such that engaging in illegal …

cartel formation, cartel stability and cartel recidivism. The program leads to lower prices for three reasons. First, non …-cooperators are more persistent in their behavior which effectively blocks cartel formation in their respective groups. Second …, members of groups that do form a cartel defect more often thus reducing the average cartel lifetime. Third, the difference …

An increase in cartel discovery probability due to irregular price movements that result from cartel defection is shown … to increase cartel stability as short-run defection profits are less likely to be earned. …

screen with a software. The test is hard to beat for cartels using this otherwise elusive form of price-fixing. When a cartel …