An anatomy of cartel contracts

Ari Hyytinen, Frode Steen, Otto Toivanen

Research output: Contribution to journalArticleScientificpeer-review

9 Citations (Scopus)


We study the contracts of 898 legal Finnish cartels. Cartels that exclusively allocate markets, either geographically or in the product/production space, are dominant in manufacturing. They
are often bilateral and include a vertical dimension. Structural industry characteristics predict the type of a cartel; e.g., consistent with theory, quota cartels are more common in manufacturing and when buyers are primarily industrial. The contracts of quota cartels include more (governance)
clauses. Pure pricing cartels are the dominant cartel type in non-manufacturing and are more common when demand is primarily from retail buyers. Pricing cartels are larger than other types of cartels.
Original languageEnglish
Pages (from-to)2155-2191
Number of pages37
Issue number621
Early online date2018
Publication statusPublished - 1 Jul 2019
MoE publication typeA1 Journal article-refereed


  • cartels
  • contracts
  • antitrust
  • competition policy
  • industry heterogeneity


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