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Price-fixing Overcharges: Legal and Economic Evidence

In: Research in Law and Economics

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  • John M. Connor

Abstract

This paper surveys published economic studies and judicial decisions that contain 1,040 quantitative estimates of overcharges of hard-core cartels. The primary finding is that the median long-run overcharge for all types of cartels over all time periods is 25.0%:18.8% for domestic cartels and 31.0% for international cartels. Cartel overcharges are positively skewed, pushing the mean overcharge for all successful cartels to 43.4%. Convicted cartels are on average as equally effective at raising prices as unpunished cartels, but bid-rigging conduct does display somewhat lower mark-ups than price-fixing cartels. These findings suggest that optimal deterrence requires that monetary penalties ought to be increased.

Suggested Citation

  • John M. Connor, 2007. "Price-fixing Overcharges: Legal and Economic Evidence," Research in Law and Economics, in: Research in Law and Economics, pages 59-153, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:rlwezz:s0193-5895(06)22004-9
    DOI: 10.1016/S0193-5895(06)22004-9
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    Cited by:

    1. Jackson, William A., 2015. "Markets and the Meaning of Flexibility," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 20(2), pages 45-65.

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