recovery of antitrust damages to direct purchasers. However, antitrust damages are typically (in part) passed on to … collusion. It allows an upstream cartel to shield itself from private damage claims by forwarding a share of cartel profits to … private damages. The cartel can achieve this by rationing inputs at low prices. Several U.S. antitrust cases show symptoms of …

the participants of these cartels in a number of antitrust jurisdictions. There is empirical evidence suggesting that …

join its syndicate to complete production. Using repeated extensive form games, we show that collusion in syndicated … markets may become easier as market concentration falls, and that market entry may facilitate collusion. In particular, firms … can sustain collusion by refusing to syndicate with any firm that undercuts the collusive price (and thereby raising that …

) achieve merely imperfect levels of collusion, (3) compete against some fringe firms, and (4) adjust to market entries and … group of firms competes against independent fringe rivals. The market is surveilled by an antitrust authority that has three … different policy instruments at its disposal: Ensuring free market access, obstructing collusion, and discouraging collusion …

-discriminatory leniency policy, antitrust fines depend on individual cartel gains in a nonlinear fashion and the size distribution of members … is sufficiently heterogeneous. These findings support the imposition of antitrust penalties proportional to firm size …