because of internal collapse or they are caught and convicted by the antitrust authority. The likelihood that a cartel, once … analysis, the impact of a leniency program on the steady-state cartel rate is investigated. Holding the enforcement policy of … provided by the leniency program induces the antitrust authority to prosecute a smaller fraction of cartel cases identified …

In the context of an infinitely repeated capacity-constrained price game, we endogenize the composition of a cartel … when firms are heterogeneous in their capacities. When firms are sufficiently patient, there exists a stable cartel … involving the largest firms. A firm with sufficiently small capacity is not a member of any stable cartel. When a cartel is not …