2.3 Following the bursting of the housing bubble in 2007, there were many real estate foreclosures. Lenders
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2.3 Following the bursting of the housing bubble in 2007, there were many real estate foreclosures.
Lenders accumulated a large inventory of foreclosed houses and decided to sell them at real estate auctions. In some places, bidder cartels were formed.
a. How would such a cartel work to the advantage of the conspirators?
b. Suppose that the cartel is uncovered and the courts convict the bidders of violating the Sherman Act. As a manager of one of the lenders, how would you calculate the damage that your firm suffered at the hands of the cartel?
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