“Cartels have always been the highest concern of antitrust. They overcharge consumers many billions of dollars every year1 and there is a strong consensus that they should be sanctioned heavily. Yet, until now no one has ever seriously attempted to analyze whether cartel sanctions are at the optimal level. This Article is the first to undertake this formidable task. Surprisingly, it demonstrates that the combined level of U.S. cartel sanctions has been only 9% to 21% as large Read More …