OPTIMAL CORPORATE LENIENCY PROGRAMS*
研究了如何设计企业宽大政策以最小化合谋发生频率，发现部分宽大可能最优，但满足一定条件时应对首个举报企业免除全部处罚，且宽大授予时机需限制。
This study characterizes the corporate leniency policy that minimizes the frequency with which collusion occurs. Though it can be optimal to provide only partial leniency, plausible sufficient conditions are provided whereby the antitrust authority should waive all penalties for the first firm to come forward. It is also shown that restrictions should be placed on when amnesty is awarded, though it can be optimal to award amnesty even when the antitrust authority is very likely to win the case without insider testimony.