of fines on punishment and deterrence. Partial effects are effects on potential violators' and punishers' decisions when … punish, which in turn reduces the deterrence effect of high fines. Using a laboratory experiment, we identify these effects … hypotheses derived from the theory. …

personal benefits. In theory, deterrence to participate in cartel activities must be based both on the incentives of firms as a … Becker's theory of crime, penalties must be at least as high as expected benefits to deter crimes. For example, we start by …. In light of these estimates, the practicality of achieving a sufficient degree of deterrence through criminal sanctions …