An antitrust authority deters collusion using fines and a leniency program. Unlike in most of the earlier literature …

introduction of a leniency program can have ambiguous effects, including the destruction and prevention of welfare enhancing …

We study the consequences of 'leniency' - reduced legal sanctions for wrongdoers who spontaneously self-report to law … designed, leniency may be highly counterproductive. In reality leniency is typically "moderate," in the sense of only reducing …, or at best cancelling the sanctions for the self-reporting party. Moderate leniency may greatly facilitate the …

Private damage claims against cartels may have negative effects on leniency: whereas whistleblowers obtain full … apply for leniency afterwards, and then potentially face private damages. We find that the implementation of private damage …