The present article discusses the various stages and methods of estimating damages caused by bid rigging. Firstly, the importance and essence of constructing a counterfactual scenario describing what would happen in the absence of bid-rigging is emphasized.
Secondly, technical and practical aspects of the use of the various damage estimation methods, including comparator-based, financial-analysis-based and market-structure-based methods are discussed. The description of each method is accompanied by examples of their use.
Finally, practical considerations related to the choice of a given method among the range of various methods available are discussed in the context of the availability of the relevant data and credibility of the underlying assumptions.