This is a survey of the economic principles that underlie antitrust law and how those principles relate to competition … policy. We address four core subject areas: market power, collusion, mergers between competitors, and monopolization. In each …

legality with that under alternative standards. We find that the rule of per se legality induces maximal collusion among … settling companies. In comparison, the rule of per se illegality entirely prevents collusion and the rule of reason induces … limited collusion when antitrust enforcement is subject to error. Contrary to intuition, limited collusion can be welfare …

legality with that under alternative standards. We find that the rule of per se legality induces maximal collusion among … settling companies. In comparison, the rule of per se illegality entirely prevents collusion and the rule of reason induces … limited collusion when antitrust enforcement is subject to error. Contrary to intuition, limited collusion can be welfare …

compared to the underlying litigations. We find that the rule of per se legality induces maximal collusion among settling … when antitrust enforcement is subject to error. Contrary to intuition, limited collusion can be welfare enhancing as it …

An antitrust authority deters collusion using fines and a leniency program. It chooses the probability of an … investigation. Firms pick the degree of collusion: The more they collude, the higher are profits, but so is the probability of … inffective; it may even increase collusion. Increasing the probability of an investigation at low levels does not increase …

science enables a rich understanding of competition beyond the simplistic descriptions of markets and firms proposed by …