representative modern international cartel. The exercise reveals that the Commission's recent commitments to punish cartels are … likely to remain insufficient to deter collusion, unless European cartel enforcement produces a high (perceived) probability … of discovery across the board. This calls for broad, unbiased, random and active cartel detection …

. A key feature of the model is that cartel discipline is endogenous. Thus, markets that appear segmented are … strategically linked via the incentive compatibility constraint. Importantly, trade costs affect cartel shipments and welfare not … costs exert a negative and significant effect on cartel discipline. In turn, cartel discipline has a negative and …

competitive advantage in only one of them. An international cartel can either shut down trade and manufacture both goods …. Despite the cartel's exploitation of its market power, it can improve national welfare by generating efficiency gains. There …

authorities after January 1990. The median cartel had five corporate members and generated $1.2 billion in sales during the … penalties, if imposed at maximum levels, would extract about 12 times cartel overcharges, a level sufficient to deter most firms … from forming or joining a cartel. However, applying optimal deterrence concepts to the characteristics of modern …

. We show that a social planner would further restrict trade than the perfect cartel would, and how the socially optimal …

In this paper we set out the welfare economics based case for imposing cartel penalties on the cartel overcharge rather … of a penalty based on the cartel overcharge with three other penalty regimes: fixed penalties; penalties based on revenue … conjunction with the above result, our analysis of cartel stability (and thus deterrence), shows that penalties based on the …