This paper investigates two different approaches to the analysis of institutions using game theory and discusses their … methodological and theoretical implications for further research. Starting from von Neumann and Morgenstern's theory, we investigate … method to investigate institutions as the unplanned outcome of self- interested individual behavior? While the game theory …

by the antitrust agency. We develop a dynamic model in which an incumbent cartel decides whether or not to voluntarily … dissolve the cartel based on the observed profit and the antitrust agency’s cartel deterrence index when there is leniency … elasticity, industry size, and the cost of entry which determine excess profits jointly, the antitrust agency might be able to …