The Private International Cartels (PIC) Data Set: Guide and Summary Statistics, 1990-2019

Abstract

This paper describes the sources and methods used to create the PIC data set, which the author believes to be the largest collection of legal-economic information on contemporary price-fixing cartels. It details the scope, strengths, and limitations of the data therein. Finally, summary descriptive statistics are developed for cartels detected during 1990-2017. A few highlights are:

• The number of new cartels detected peaked at 83 per year in 2010-2015.

• Of 1405 investigated cartels, 1130 were convicted, 124 dismissed, and 151 undecided.

• Relative to GDP, cartels operating in Europe are triple the number in North America.

• However, the affected sales’ size of all European cartels equals the N. American ones.

• Affected sales total about $900 billion, of which global cartels account for 37%.

• The average guilty cartel’s estimated sales size is $917 million, global $6.9 billion.

• More than 49,000 companies were indicted for international price fixing.

• Monetary penalties reached $233 billion, which equals 2.0% of affected sales.

• More than half of all cartel penalties are paid to North American authorities.

• EC and DOJ fines were 95% of world in early 1990s; down to 40% in 2015-2019.

• 65% of guilty corporate cartelists are headquartered in W. Europe.

• 1349 persons were sanctioned: the median fine for 584 was $50,000.

• Prison sentences imposed on 376 executives total 1833 years.

• Gross cartel overcharges are $64 to $286 trillion, two-thirds by global cartels.

• Worldwide cartel penalties declined after 2012-2014.

Keywords: Cartel, price fixing, collusion, penalties, injuries, antitrust

JEL Classification: K21, L13, L41, L44