We analyze a Cournot duopoly market with differentiated goods and the separation between ownership and control. We … substitutability than it really has. This is so either because managers are biased and perceive the good in this way, or because firms …

between owners and managers who might have different incentives. To understand the degree to which misspecifying firms … maximization. Considering the US antitrust regime, the experiment sets up cartel fines for firms' managers as well as owners. I …) Managers are more likely to form cartels when managers' and owners' incentives are different compared to when their incentives …