We analyze a hub-and-spoke cartel in the Brazilian automotive fuel industry. Using the court documents and detailed …; and cost stabilization. We argue that wholesalers benefited from the cartel by being the exclusive supplier during the … scheme. We use the synthetic control approach to quantify how successful the cartel was in increasing markups. We find that …

considerations, and minimum fines. Bankruptcy considerations limit maximum fines, ensure abnormal cartel profits and impose a … lower price by making it more attractive than collusion on higher prices. For a range of low cartel prices, the fine is set … to the legal mi nimum. Raising minimum fines will enable the cartel to raise its price and is better avoided. Our …

common beliefs and the existing literature, that conspirators often apply for leniency long after a cartel collapses. We …

cartel member’s plant to the customer. We investigate this claim by first developing a theory of collusive pricing that takes … account of the option of bribing intermediaries. The theory predicts that the cement cartel members are more likely to share …A challenge for many cartels is avoiding a destabilizing increase in non-cartel supply in response to having raised …

Germany, we study a cartel breakdown to identify the effect of competition on transport distances. Our econometric analyses …

on average significantly lower in cartel years than in non-cartel years. …

on average significantly lower in cartel years than in non-cartel years. …

theory to show how an interbank lending rates cartel can be sustained by preemptive portfolio changes. Exchange of … direction in which to rig the rate, however, their interests need to be sufficiently aligned. In this paper we develop cartel … in eligible transactions rigging to justify their submissions. As the cartel is not able to always find stable …

theory to show how an interbank lending rates cartel can be sustained by preemptive portfolio changes. Exchange of … direction in which to rig the rate, however, their interests need to be sufficiently aligned. In this paper we develop cartel … in eligible transactions rigging to justify their submissions. As the cartel is not able to always find stable …