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According to Adam Smith, people of the same trade seldom meet without the conversation turning to conspiring ways to raise prices and defraud the public. [citation needed] Market allocation is generally regarded as illegal in the United States, unless the Department of Treasury or equivalent body authorizes it.
Dividing territories, market division or horizontal territorial allocation is an agreement by two companies to stay out of each other's way and reduce competition in the agreed-upon territories. The process known as geographic market allocation is one of several anti-competitive practices outlawed under United States antitrust laws .
In economics and finance, market manipulation is a type of market abuse where there is a deliberate attempt to interfere with the free and fair operation of the market; the most blatant of cases involve creating false or misleading appearances with respect to the price of, or market for, a product, security or commodity. [citation needed]
This form of collusion is illegal in most countries. It is a form of price fixing and market allocation, often practiced where contracts are determined by a call for bids, for example in the case of government construction contracts. The typical objective of bid rigging is to enable the "winning" party to obtain contracts at uncompetitive ...
Collusion is not always considered illegal. It can be used to attain objectives forbidden by law; for example, by defrauding or gaining an unfair market advantage. It is an agreement among firms or individuals to divide a market, set prices, limit production or limit opportunities. [1]
But the rise of technology has led to an evolved "black market" -- and rather than exotic animals and tangible exports, data like credit card information and even streaming accounts are up for grabs.
For a market to be seen as accurate and reliable, participants should be able to access those markets freely, legally, and without legal risk. That is not the case when it comes to prediction markets.
In U.S. v. Grinnell, 384 U.S. 563 (1966), the trial judge, Charles Wyzanski, composed the market only of alarm companies with services in every state, tailoring out any local competitors; the defendant stood alone in this market, but had the court added up the entire national market, it would have had a much smaller share of the national market ...