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Congress Has More Work to Do Before PBM Reform Reaches Consumers

Jeremy Pilaar and Albert (Haotian) Wang

Jeremy Pilaar and Albert (Haotian) Wang present the weaknesses in current legislative reforms targeting pharmacy benefit managers. They suggest that lawmakers focus on reining in PBM income, limiting fees that PBMs can charge, and empowering state legislative efforts.

Announcements

October 27: Productivity and Pay: The Great Decoupling?

November 6-7: Stigler Center-CEPR Political Economy of Finance Conference 2026: Crony Capitalism in 21st Century America.

April 15-16: Stigler Center 2027 Conference: Will AI Kill Markets (and Democracy)? Call for papers due December 1.

Merger Review Needs More Uncertainty

Bart Lahcen

Financial Transparency Reduces the Accumulation of Offshore Fortunes

Annette Alstadsæter, Niels Johannesen, Ségal Le Guern Herry and Gabriel Zucman

Transplanting FRAND Principles from SEP to Data Licensing

Tingting Song

What Makes a Venture Capitalist Successful?

Blake Jackson and Ilya Strebulaev

Private Equity Is Buying Life Insurers, and the Public Bears the Heightened Risk.

Pranjal Drall and Andrew Granato

Wealth Buys Power, but Americans Are Focused on the Wrong Wealthy

Matthew Lucky

Call for Papers for 2027 Stigler Center Conference: Will AI Kill Markets (and Democracy)?

ProMarket writers

Media Capture Doesn’t Need the Newsroom

Andrey Simonov, Daniil Mikhailov, Ruben Enikolopov and Ruben Durante

New York’s Congestion Toll Helped Ambulances Move Faster

Yulia Chikish, Gregory Colman, Dhaval Dave, Brad R. Humphreys, Zachary Santamaria and Zachary Winship

AI Governance Needs a Macroprudential Turn

Piergiuseppe Fortunato