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Every week, a business school professor, an expert in his or her field, defines key terms on FT Lexicon, our online economics, business and finance glossary.

Leslie Marx is a professor of economics at Duke University’s Fuqua School of Business. She received her PhD in economics from Northwestern University and her BSc in mathematics from Duke University. From 2005 to 2006, Prof Marx served as the chief economist at the Federal Communications Commission, where she worked on auction design issues for the FCC’s spectrum license auctions and competition issues in media markets and markets for multichannel video programming distribution.

Prof Marx has published extensively in peer-reviewed journals and elsewhere on topics related to industrial organisation, applied game theory, auctions, procurements and collusion. Her published work includes papers on collusive mechanisms, incentives in procurement contracting, slotting allowances and exclusive dealing.

Prof Marx and Robert Marshall of Pennsylvania State University recently published The Economics of Collusion: Cartels and Bidding Rings, published by MIT Press.

This week, Prof Marx – in collaboration with Prof Marshall – adds the following terms to FT Lexicon:

Explicit collusion

Plus factors

Buyer resistance

But-for price

Compiled by Emmanuelle Smith

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