theory of auctions shows that it is unlikely that successful buyers as a group were injured. …

theory of auctions shows that it is unlikely that successful buyers as a group were injured. …

theory of auctions shows that it is unlikely that successful buyers as a group were injured. …

-shot competitive interactions, like Bertrand oligopolies and first-price auctions, where no collusion would be supportable otherwise …

-2003, and 2004-2013. Our empirical estimates show significant variation in the number of cartels prosecuted and the penalties … imposed across the policy regimes. The more recent regimes are characterized by far fewer cartels prosecuted, but with … cartels to larger and multinational firms. In terms of political effects, our results reveal no clear inter-political party …

-2003, and 2004-2013. Our empirical estimates show significant variation in the number of cartels prosecuted and the penalties … imposed across the policy regimes. The more recent regimes are characterized by far fewer cartels prosecuted, but with … cartels to larger and multinational firms. In terms of political effects, our results reveal no clear inter-political party …

: subjects use costly fines as (altruistic) punishments. Leniency further increases deterrence, but stabilizes surviving cartels …. With rewards, cartels are reported systematically and prices finally fall. If a ringleader is excluded from leniency …

We experimentally examine the effectiveness of a leniency program against bidding rings in two commonly used auctions … makes cartels that do form more stable: subjects use the possibility to report the cartel as an additional stick to control …