We revisit the pros and cons of cartel criminalization with focus on its possible introduction in the EU. We document a recent phenomenon that we name EU ``leniency inflation", whereby leniency has been increasingly awarded to many, and sometimes all members of a cartel. We argue that, coupled...

Modern antitrust engenders a possible conflict between public and private enforcement due to the central role of Leniency Programs. Damage actions may reduce the attractiveness of Leniency Programs for cartel participants if their cooperation with the competition authority increases the chance...

This paper reports results from an experiment studying how nes, leniency programs and reward schemes for whistleblowers affect cartel formation and prices. Antitrust without leniency reduces cartel formation, but increases cartel prices: subjects use costly nes as (altruistic) punishments....

This paper reports results from an experiment studying how fines, leniency programs and reward schemes for whistleblowers affect cartel formation and prices. Antitrust without leniency reduces cartel formation, but increases cartel prices: subjects use costly fines as (altruistic) punishments....

Following Bernheim and Whinston (1990), this paper addresses the effects of multimarket contact on firms' ability to collude. Real world imperfections tend to make firms' objective function strictly concave and market supergames "interdependent": firms' payoffs in each market depend on how they...

Following Bernheim and Whinston (1990), this paper addresses the effects of multimarket contact on firms' ability to collude. Real world imperfections tend to make firms' objective function strictly concave and market supergames "interdependent": firms' payoffs in each market depend on how they...

We consider two ascending auctions and show that many of the (unwanted) collusive or signaling equilibria studied in the literature in the framework of the SEAMO (simultaneous English auction for multiple objects) don't have a counterpart in the JAMO (Japanese auction for multiple objects). We...

Social media are at the center of countless debates on polarization, misinformation, and even the state of democracy in various parts of the world. An essential feature of social media is the ranking algorithm that determines how content is presented to the users. This paper studies the dynamic...

This paper provides a simple theoretical framework to evaluate the effect of key parameters of ranking algorithms, namely popularity and personalization parameters, on measures of platform engagement, misinformation and polarization. The results show that an increase in the weight assigned to...

This paper provides a simple theoretical framework to evaluate the effect of key parameters of ranking algorithms, namely popularity and personalization parameters, on measures of platform engagement, misinformation and polarization. The results show that an increase in the weight assigned to...