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The Theory of Collusion and Competition Policy (Hardcover)
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The Theory of Collusion and Competition Policy (Hardcover)
Series: The Theory of Collusion and Competition Policy
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Collusion occurs when firms in a market coordinate their behavior
for the purpose of producing a supracompetitive outcome. The
literature on the theory of collusion is deep and broad but most of
that work does not take account of the possible illegality of
collusion. Recently, there has been a growing body of research that
explicitly focuses on collusion that runs afoul of competition law
and thereby makes firms potentially liable for penalties. This
book, by an expert on the subject, reviews the theoretical research
on unlawful collusion, with a focus on two issues: the impact of
competition law and enforcement on whether, how long, and how much
firms collude; and the optimal design of competition law and
enforcement.The book begins by discussing general issues that arise
when models of collusion take into account competition law and
enforcement. It goes on to consider game-theoretic models that
encompass the probability of detection and penalties incurred when
convicted, and examines how these policy instruments affect the
frequency of cartels, cartel duration, cartel participation, and
collusive prices. The book then considers the design of competition
law and enforcement, examining such topics as the formula for
penalties and leniency programs. The book concludes with suggested
future lines of inquiry into illegal collusion.
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