collusion. It allows an upstream cartel to shield itself from private damage claims by forwarding a share of cartel profits to … private damages. The cartel can achieve this by rationing inputs at low prices. Several U.S. antitrust cases show symptoms of …

We analyze a hub-and-spoke cartel in the Brazilian automotive fuel industry. Using the court documents and detailed …; and cost stabilization. We argue that wholesalers benefited from the cartel by being the exclusive supplier during the … scheme. We use the synthetic control approach to quantify how successful the cartel was in increasing markups. We find that …

and higher costs. We examine Canada's alleged bread cartel and provide the first comprehensive analysis of hub …

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 …

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 …

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 …