In merger analysis and other antitrust settings, risk is often cited as a potential barrier to entry. But there is … little consensus as to the kinds of risk that matter- systematic versus non-systematic and industry-wide versus firm …-specific - and the mechanisms through which they affect entry. I show how and to what extent different kinds of risk magnify the …

cooperation, undercutting is defection. Jointly, competitors are better off if both are faithful to a cartel. Individually, profit … is highest if only the competitor(s) is (are) loyal to the cartel. Yet collusion inflicts harm on the opposite market …

economic research, have a positive impact on the likelihood of collusion. Each feature is proxied by an "Antitrust Risk … collusion risk are those that tend to score high in most of the ARIs: Tobacco, Pharmaceuticals, Beverages, Chemicals. The 4 …-digit analysis suggests higher anticompetitive risk in Tobacco products, Spirits, Sugar, Railway Locomotives and Aircraft …