pay reduced fines. This paper connects this potential adverse effect to the number of firms involved in the cartel …

We revisit classic cartel stability theory to show how comparative statics on sustainability change when firms require … or the risk of cartel breakdown. We show that the cartel margin increases the effect on the scope for stable cartels of …

cartel overcharges and their antitrust policy implications. In this comment, we explain why we believe Langenfeld errs in his … large sample of historical cartel overcharges; the advisability of trimming outliers or large estimates from the sample …% presumption; and the implications of the average cartel overcharges results for optimal deterrence and antitrust policy …

otherwise have undermined collusion. In other cases, distributors themselves had market power and received a share of cartel … rents in return for their willingness to exercise that power as part of a cartel. This raises questions for antitrust policy … toward vertical restraints in highly concentrated industries or those with a history of cartel activity …

which assumes, without further justification, that at most a single cartel may be formed, and we show that this … consideration has markedly different implications for cartel stability. We define a cartel configuration to be stable if: (i) a firm … in a cartel does not find it more profitable to leave the cartel and operate independently, (ii) a firm that operates …

) model where firms are heterogeneous in terms of production capacities and individual cartel decisions are endogenized. The …