A usual assumption in the theory of collusion is that cartels are all-inclusive. In contrast, most real-world collusive … after a merger. Our findings suggest that merger analysis that is based on the assumption that only full cartels forms … experimentally the formation and behavior of partial cartels. The theoretical model is a variation of Bos and Harrington's (2010 …

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 …

In this paper we set out the welfare economics based case for imposing cartel penalties on the cartel overcharge rather … of a penalty based on the cartel overcharge with three other penalty regimes: fixed penalties; penalties based on revenue …) the prices charged by those cartels that do form; and (ii) the number of stable cartels that form (deterrence). We show …

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 …