considerations, and minimum fines. Bankruptcy considerations limit maximum fines, ensure abnormal cartel profits and impose a … lower price by making it more attractive than collusion on higher prices. For a range of low cartel prices, the fine is set … to the legal mi nimum. Raising minimum fines will enable the cartel to raise its price and is better avoided. Our …

actual cartel effects. In this paper, we show that misdating cartel effects leads to a (weak) overestimation of but … antitrust damage estimation based on predicted cartel prices can have either sign. We extend the before-during-and-after method … with an empirical cartel dating procedure that uses multiple structural break tests to determine the actual begin and end …