This paper presents a
systematic review of the literature on optimal fining methods for cartel
infringements. Building on the PRISMA 2020 methodology, we analysed forty-seven
articles to address three core themes: how optimal fines are defined, the ways
different variables are incorporated in quantitative models, and comparative
insights. We identified five prevailing approaches: revenuebased,
overcharge-based, damages-based, profit-based, and a (recent) sophisticated
revenue-based framework blending revenue- and overcharge-based elements. While
each method has distinct advantages and challenges, the sophisticated
revenue-based approach appears particularly promising in balancing deterrence
against proportionality concerns, offering a potential remedy to the
shortcomings or implementation issues, found in strictly revenue-based or
damages/overcharge-based regimes. This review underlines the importance of
aligning fine structures with the overarching policy objective of mitigating
wealth transfers from consumers to producers. To the best of our knowledge,
this is the first systematic review to map how different strands in extant
literature conceive an optimal fine.