In this paper, we estimate quantitatively the determinants of variation in administrative fines imposed on companies by the European Commission for price-fixing violations. Estimates from our behavioral model provide the first direct test of the predictive power of the optimal deterrence theory...

We use extended ARCH and GARCH models to examine the differences in the behavior of the first two moments of the price distribution during collusive and competitive phases of two recently discovered conspiracies, citric acid and lysine. According to our results, the conspirators managed to raise...

Using the data on 238 cartelized markets we evaluate econometrically the impact of cartel characteristics as well the market and legal environment of cartel operation on cartel stability. The latter is measured as the expected number of repeated attempts to form a cartel in the same product...