the fine. We analyze the effectiveness of this policy. Such a rebate does not encourage settlement negotiations that would … otherwise not occur. If, however, the parties settle without the rebate, the introduction of the reduction increases the … the rebate has no effect on the leniency applicant: she doesn't pay a fine that can be reduced. The overall effect of a …

direct test of the optimal deterrence theory of antitrust crimes.Regressions are fitted to a sample of the corporations that … collusion. However, U.S. fines do not conform to the theory's predictions about the probability of detection and conviction of …