: subjects use costly fines as (altruistic) punishments. Leniency further increases deterrence, but stabilizes surviving cartels …. With rewards, cartels are reported systematically and prices finally fall. If a ringleader is excluded from leniency …

auctions, much of it in response to empirical findings, and we review three key findings. First, the evidence suggests that art …

We analyse the welfare consequences of an increase in the commissions charged by intermediaries in auction markets. We … argue that while commissions are similar to taxes imposed on buyers and sellers the question of incidence deserves a new … treatment in auction markets. We show that an increase in commissions makes sellers worse off, but buyers may strictly gain. The …

We review current methods for calculating fines against cartels in the US and EU, and simulate their deterrence effects …

to several other crimes sharing cartels' strategic features, including corruption and financial fraud. …

, predatory, and entry deterring behaviour. Ascending and uniform-price auctions are particularly vulnerable to these problems (we … discuss radiospectrum and football TV-rights auctions, electricity markets, and takeover battles), and the Anglo-Dutch auction … – a hybrid of the sealed-bid and ascending auctions may often perform better. However, everything depends on the details …

We study cartel contracts using data on 18 contract clauses of 109 legal Finnish manufacturing cartels. One third of … organization, or external threats. Cartels use three main approaches to raise profits: Price, market allocation, and specialization …. These appear to be substitutes. Choosing one has implications on how cartels deal with instability. Simplifying, we find …

Many convicted cartels have a leader which is substantially larger than its rivals. In a setting where firms face …

of their surplus is internalized by the designer. The optimal reserve policy in standard auctions is also analyzed to …