The Distortive Effects of Antitrust Fines Based on Revenue
研究了基于营收而非合谋利润的反垄断罚款导致的多种扭曲，通过模型和模拟量化其影响，指出这些规则可能大幅降低社会福利。
In most jurisdictions, antitrust fines are based on affected commerce rather than on collusive profits, and in some others, caps on fines are introduced based on total firm sales rather than on affected commerce. We uncover a number of distortions that these policies generate, propose simple models to characterize their comparative static properties, and quantify them with simulations based on market data. We conclude by discussing the obvious need to depart from these distortive rules-of-thumb that appear to have the potential to substantially reduce social welfare.