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Cartels Uncovered

Ari Hyytinen, Frode Steen and Otto Toivanen

American Economic Journal: Microeconomics, 2018, vol. 10, issue 4, 190-222

Abstract: How many cartels are there, and how long do they live? The answers to these questions are important in assessing the need for competition policy. We present a Hidden Markov Model that takes into account that often it is not known whether a cartel exists or not. We take the model to data from a period of legal cartels—Finnish manufacturing industries 1951–1990. Our estimates suggest that once born, cartels are persistent; by the end of the period, almost all industries were cartelized.

JEL-codes: D43 K21 L12 L13 L41 L60 (search for similar items in EconPapers)
Date: 2018
Note: DOI: 10.1257/mic.20160326
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Handle: RePEc:aea:aejmic:v:10:y:2018:i:4:p:190-222