penalties related to fines and jail terms. There appear to be four distinct cartel policy regimes: pre-1978, 1978-1992, 1993 …-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 …

penalties related to fines and jail terms. There appear to be four distinct cartel policy regimes: pre-1978, 1978-1992, 1993 …-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 …

strategies deter cartel formation. With leniency policies oering immunity to the rst reporting party, a high ne is the main … mainly driven by `distrust'; here, the fear of partners deviating and reporting. Absent leniency, the probability of … several other forms of crimes that share cartels' strategic features, including corruption and nancial fraud. …

We review current methods for calculating fines against cartels in the US and EU, and simulate their deterrence effects … deterrence effects before leniency programs were introduced. Previous simulations of the effects of fines ignore the different … under different assumptions on the legal and economic environment. It is likely that European fines have not had significant …

formation, and discusses how corporate governance and firm agency problems affect optimal law enforcement against cartels, both … in terms of sanctions and leniency policies. Many of the conclusions appear applicable, with minor changes, to non …

strategies deter cartel formation. With leniency policies offering immunity to the first reporting party a high fine is the main … then mainly driven by 'distrust', the fear of partners deviating and reporting. Absent leniency, the probability of … detection and the expected fine matter the most, and low fines are exploited to punish defections. The results appear relevant …