We analyze how leniency affects cartel pricing in an infinitely-repeated oligopoly model where the fine rates are … we focus on the worst possible outcome. We investigate the maximal cartel price, the largest price for which the … conditions for sustainability hold. We analyze how the maximal cartel price supported by different cartel strategies adjusts in …

Many cartels are formed by individual managers of different firms, but not by firms as collectives. However, most of … the literature in industrial economics neglects individuals' incentives to form cartels. Although oligopoly experiments …

role for the formation and stability of cartels. We extend these studies through a design that distinguishes between … innocuous communication and communication about a cartel, sanctioning only the latter. To this aim, we introduce a participant … cartels. In contrast to existing experimental studies, we find that a leniency rule does not affect cartelization. We discuss …

role for the formation and stability of cartels. We extend these studies through a design that distinguishes between … innocuous communication and communication about a cartel, sanctioning only the latter. To this aim, we introduce a participant … cartels. In contrast to existing experimental studies, we find that a leniency rule does not affect cartelization. We discuss …

antitrust regulation on the endogenous maximal-sustainable cartel price. This impact depends upon industry characteristics … including its cartel culture. Our analysis disentangles the effects of traditional antitrust regulation and the leniency program …