Challenges and pitfalls in cartel fining

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We analyze challenges and pitfalls faced by antitrust authorities in the fining of cartels. We review economics and legal approaches to cartel fining and the sometimes-conflicting objectives of restitution, deterrence, and proportionality. We also discuss various theoretical and empirical hurdles that antitrust authorities and courts must overcome to determine appropriate cartel fines, namely regarding cartel impact duration, but-for prices, and overcharges.