Annual Conference

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Health Economics

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May 2026

Expected Insurance Coverage and Pharmaceutical Innovation: Evidence from China’s National Drug Price Negotiation Policy

Chenyuan LIU, Yi LU, Ronghe SUN, Wanyu YANG
How can developing countries foster pharmaceutical innovation when drug price negotiations risk eroding firms’ incentives? China’s National Health Insurance Drug Price Negotiation addresses this challenge by pairing substantial price cuts with expanded insurance coverage for innovative drugs, en...
Keywords: Pharmaceutical innovation, Drug price negotiation, Health insurance coverage
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Annual Conference

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Health Economics

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May 2026

The VIP Effect in Medicine: How Patients' Insider Knowledge, Social Ties, and Organizational Rank Shapes Clinical Decisions

Jiaowei GONG, Jia XIANG, Chuanchuan ZHANG, Xuan ZHANG
Very Important Persons (VIPs) often receive preferential treatment across many settings. We study how patients’ privileged traits, including insider knowledge, social ties to physicians, and organizational authority, drive physicians’ clinical decision-making. We leverage a policy reform that al...
Keywords: information, social ties, organizational rank, physician behavior, financial incentives
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Annual Conference

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Health Economics

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May 2026

Driving a Bargain: Negotiation Skill and Price Dispersion

Kristine W. HANKINS, Tong LIU, Denis SOSYURA
We show that individual negotiation skills affect equilibrium prices in societally important contracting. We develop a novel measure of managers’ bargaining ability from private vehicle transactions and link it to proprietary data on negotiated hospital prices. Higher-skilled managers negotiate be...
Keywords: hospital governance, CEOs, executive skillsets, industrial organization, bargaining, price formation
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Annual Conference

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Behavioural, Experimental Economics and Finance

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May 2026

Set in Stone: The Persistence and Origins of Corporate Culture

Kai LI, Yu-Jane LIU, Ruichang LU, Kaihao QIAN, Xiaojun ZHANG
Using one of the largest panel datasets on corporate culture, we examine its evolution and origins, distinguishing between firm-level values and norms and corporate insiders’ preferences. We find that corporate culture is highly persistent: firms with strong (or weak) cultures tend to remain so ov...
Keywords: Corporate Culture, Founders, CEOs, Cultural Heritage, Business Cycles, Racial Diversity, Earnings Calls, Employee Reviews
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Annual Conference

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Behavioural, Experimental Economics and Finance

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May 2026

When AI Knows but Still Chooses Wrong: Associative Retrieval in LLM Financial Advice

Xingjian ZHENG
This paper studies whether irrelevant context affects financial recommendations generated by large language models. In a controlled investment experiment, models choose between a safe asset and a risky asset after viewing payoff-irrelevant images, and separately report their probability estimates th...
Keywords: Associative retrieval, Large language model, Behavioral economics, Return Prediction
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