Introduction -- General analysis of hub-and-spoke collusion -- Collusion to raise downstream prices : upstream supplier as hub -- Collusion to raise downstream prices : downstream intermediary as hub -- Collusion to exclude rival firms -- General assessment of hub-and-spoke cartels --...

This paper investigates the deterrent impact of competition enforcement on cartels. It is shown theoretically that if enforcement is effective in deterring and constraining cartels then there will be fewer cartels with low overcharges and fewer with high overcharges. This prediction provides an...