theory to show how an interbank lending rates cartel can be sustained by preemptive portfolio changes. Exchange of … direction in which to rig the rate, however, their interests need to be sufficiently aligned. In this paper we develop cartel … in eligible transactions rigging to justify their submissions. As the cartel is not able to always find stable …

actual cartel effects. In this paper, we show that misdating cartel effects leads to a (weak) overestimation of but … antitrust damage estimation based on predicted cartel prices can have either sign. We extend the before-during-and-after method … with an empirical cartel dating procedure that uses multiple structural break tests to determine the actual begin and end …

environment, their agreements may be exempted from cartel law. To qualify, the public benefits must compensate consumers for … higher prices of the private good. We study the balancing involved in assessing a public interest-cartel in a public goods … Samuelson condition. The cartel will provide minimal public good for maximal overcharges. Nevertheless it is typically not …

In this paper we set out the welfare economics based case for imposing cartel penalties on the cartel overcharge rather … of a penalty based on the cartel overcharge with three other penalty regimes: fixed penalties; penalties based on revenue … conjunction with the above result, our analysis of cartel stability (and thus deterrence), shows that penalties based on the …

considerations, and minimum fines. Bankruptcy considerations limit maximum fines, ensure abnormal cartel profits and impose a … lower price by making it more attractive than collusion on higher prices. For a range of low cartel prices, the fine is set … to the legal mi nimum. Raising minimum fines will enable the cartel to raise its price and is better avoided. Our …