We analyze how leniency affects cartel pricing in an infinitely-repeated oligopoly model where the fine rates are … we focus on the worst possible outcome. We investigate the maximal cartel price, the largest price for which the … conditions for sustainability hold. We analyze how the maximal cartel price supported by different cartel strategies adjusts in …

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 …

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 …

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 …

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 …

Even under antitrust enforcement, firms may still form a cartel in an infinitely-repeated oligopoly model when the … discount factor is sufficiently close to one. We present a linear oligopoly model where the profit-maximizing cartel price …