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International cartels and its implications : Evidence from Korea

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Frame of Image t the public has become the prevailing interpretation on such arrangements. Cartels—agreements between rival businesses—generally operate in a collusive oligopoly in which producers agree among one another on the pricing of output and allocation of output markets. The most common aspect of a cartel is price-fixing. In principle, firms might wish to collude if they expect their abilities to raise prices to be only short-lived; other aspects are limiting productivity,
International Cartels and Its Implications: Evidence from Korea
2
hoarding, and bid rigging. The Organization of the Petroleum Exporting Countries (hereinafter “OPEC”) is one of the best known examples of cartels. OPEC determines the costs for aircraft turbine fuel and other aircraft fuel essentials, which are then transferred to the airline industry. Fighting global cartels has been a core task for competition authorities. In June 2006, several competition authorities simultaneously investigated claims that major airlines had colluded in the setting of their fuel and security surcharges. On an international level, airlines were fined for running an international air cargo cartel. Penalties imposed by competition authorities have exceeded one and a half billion U.S. dollars and several airline executives have faced jail terms. The Australian Competition and Consumer Commission (hereinafter “ACCC”) has brought several airlines to the Federal Court of Australia seeking penalties for alleged price-fixing contraventio


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Title International cartels and its implications
Similar Titles
Sub Title

Evidence from Korea

Material Type Articles
Author(English)

Sun, Joo Yeon

Publisher

Korea Institute for International Economic Policy

Date 2014-06
Series Title; No KIEP Opinions
Pages 3
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Trade
Economy < Economic Administration