We analyze how leniency affects cartel pricing in an infinitely-repeated oligopoly model where the fine rates are … linked to illegal gains and detection probabilities depend on the degree of collusion. A novel aspect of this study is that … we focus on the worst possible outcome. We investigate the maximal cartel price, the largest price for which the …

This special issue marks the 25th anniversary of the introduction of a leniency program for antitrust in the EU and … theoretical, empirical, and experimental literature on corporate leniency programs for antitrust. …

There is a growing concern that minority shareholding (MS) in rival firms may facilitate collusion. To examine this …, especially in large rivals. The effect is present however only in countries with an effective antitrust enforcement and low …