Leniency programs increase the perception of effectiveness by an order of magnitude ranging from 10% to 21%. Leniency programs have become weapons of mass dissuasion in the hands of antitrust enforcers against the more damaging forms of explicit collusion among rival firms in the market place. (Borrell, JR., Jiménez, J.L. and García, C. 2013. Evaluating antitrust leniency programmes. Journal of Competition Law and Economics, forthcoming)

