, we show that the stick-and-carrot punishment à la Abreu (1986) may not be globally optimal. We prove our result by …-and-carrot globally optimal punishment for large cartels, and fully characterise it. Then, we show that for mall cartels, global …

Nash reversion and optimal symmetric two-phase punishment strategies). One hundred pairs of subjects repeatedly set prices … pricing strategies. The equilibrium conditions predicted by theory are not satisfied in any of the elicited strategies. Less …

sales discount and timing of sales are characterized. A trade-off between cartel size and aggregate profits arises …

find that sellers condition their prices on the recommendation of the algorithms. The algorithm with a soft punishment …

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 …

competing firms provided that they consider collusive prices to be kind and punishment prices to be unkind. Thus, reciprocity …

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 …