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Strategic leniency signifies potential exploits of leniency that could generate detrimental effects. Leniency could be exploited in three distinct ways: (1) used to punish cartel deviator; (2) used as a cartel exit strategy; (3) used as a way to report false cartels hoping that rivals will be fined. Strategic leniency has roots in game theory and has been used in theoretical works on leniency. However, it is difficult to verify, whether firms actually conceive leniency strategically. Thedoi:10.15388/os.law.2020.7 fatcat:6lm3syj3ofb57pkcw5esmto3em