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CDDRL Research Affiliate, 2024
Visiting Scholar, Center for Russian, East European and Eurasian Studies, 2022-24
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Paula Ganga is an assistant professor of political economy at Duke Kunshan University as well as a visiting fellow with the Center for Russian, East European and Eurasian Studies at Stanford University. She completed her Ph.D. in Government at Georgetown University, and was a postdoctoral fellow at the Harriman Institute at Columbia University, a postdoctoral fellow with the Skalny Center for Polish and Central Eastern European Studies and a George F. Kennan short-term scholar at the Woodrow Wilson Center for International Scholars. Her research focuses on the political determinants of switches between privatization and nationalization in Eastern Europe and beyond. This research bears directly on how we view the link between democracy and market capitalism, the economic consequences of populism, rising illiberalism in recent political transitions, and state capitalism. She is currently working on a book manuscript on populism and economic nationalism in Eastern Europe.

Encina Hall, C139-c
616 Jane Stanford Way
Stanford, CA 94305-6055

650.497.9354
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Marissa is the Senior Administrative & Finance Associate at the Center on Democracy, Development and the Rule of Law. Marissa joined Stanford in 2017 and has worked in the School of Medicine Facilities, The Hasso Plattner Institute of Design, and the Office of Research Administration. Prior to her time at Stanford, she spent nine years teaching English as a Second Language in South Korea. Marissa holds a Bachelor of Arts in Film Theory from the University of Oklahoma. She loves reading, music, and cuddling her Old English Sheepdog.

Senior Administrative & Finance Associate, CDDRL
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Taiwan skyline at dawn with logo of the Taiwan Program and text about the conference "Innovate Taiwan: Shaping the Future of a Postindustrial Society"

*Please note, registration for this event has closed.*

A conference to inaugurate the Taiwan Program at Shorenstein APARC

As Taiwan seeks to stimulate vitality and progress in an era defined by shifting global dynamics, it grapples with a myriad of challenges akin to those that other postindustrial societies face. How can Taiwan innovate its economic competitiveness and refashion collaboration networks amid rapid technological transformations and diminishing globalization? What strategies can it employ to adapt to vast demographic changes? How can it cultivate cultural diversity?

Join us in person to discuss these questions and more at a full-day conference celebrating the launch of the new Taiwan Program at the Walter H. Shorenstein Asia-Pacific Research Center.

Hear from esteemed academic and industry leaders as they delve into topics including demography and migration, societal trends, health policy and biotechnology, economic growth and innovation, and the dynamics of domestic and international Taiwanese industries. 

Watch this space for updates on the agenda and confirmed speakers.

9:00 - 9:15 a.m.
Opening Session

Opening remarks

Gi-Wook Shin
Director of Shorenstein APARC, Stanford University

Congratulatory remarks

Richard Saller
President of Stanford University


9:15-10:45 a.m.
Panel 1: Migration, Culture, and Societal Trends        
    
Panelists 

Pei-Chia Lan
Distinguished Professor of Sociology, National Taiwan University

Ruo-Fan Liu
Ph.D. Candidate at University of Wisconsin-Madison
Incoming Postdoctoral Fellow at Shorenstein APARC, Stanford University

Jing Tsu
Jonathan D. Spence Chair Professor of Comparative Literature & East Asian Languages and Literatures, Yale University

Moderator
Kiyoteru Tsutsui
Deputy Director of Shorenstein APARC and Director of the Japan Program, Stanford University


10:45-11:00 a.m.
Coffee and Tea Break


11:00 a.m.-12:30 p.m.
Panel 2: Health Policy and Biotechnology

Panelists 

Ted Chang
CTO of Quanta Computer

Bobby Sheng
Group CEO and Chairman of Bora Pharmaceuticals

C. Jason Wang
Director of the Center for Policy, Outcomes and Prevention
LCY Tan Lan Lee Professor of Pediatrics and Health Policy, Stanford University

Moderator
Karen Eggleston
Director of the Asia Health Policy Program, Shorenstein APARC, Stanford University


12:30-2:00 p.m. 
Lunch Break


2:00-3:00 p.m.  
Panel 3: Taiwan at Stanford and Beyond

Panelists 

Tiffany Chang
Undergraduate Student in Management Science and Engineering
Research Assistant at Shorenstein APARC , Stanford University

Carissa Cheng
Undergraduate Student in International Relations, Stanford University

Yi-Ting Chung
Ph.D. Student in History, Stanford University

Moderator
Marco Widodo
Undergraduate Student in Political Science, Stanford University


3:00-3:30 p.m. 
Coffee and Tea Break


3:30-5:00 p.m.    
Panel 4:  Economic Growth and Innovation

Panelists

Steve Chen
Co-Founder of YouTube and Taiwan Gold Card Holder #1

Jason Hsu
Edward Mason Fellow at Harvard Kennedy School
Former Legislator of the Legislative Yuan Taiwan

CY Huang
Founder and President of FCC Partners

Rose Tsou
Former Head of Verizon Media International and E-Commerce
Former Regional Head of Yahoo APAC
Former General Manager of MTV Taiwan

Moderator
Larry Diamond
Mosbacher Senior Fellow in Global Democracy at the Freeman Spogli Institute for International Studies
William L. Clayton Senior Fellow at the Hoover Institution, Stanford University


5:00 - 5:30 p.m.    
Social Networking Session
 

Bechtel Conference Center
Encina Hall, First floor, Central, S150
616 Jane Stanford Way, Stanford, CA 94305

Conferences
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Stanford Libraries and the Stanford Center on China’s Economy and Institutions are pleased to present the 2024 Dr. Sam-Chung Hsieh Memorial Lecture featuring Bo Li who will be speaking on The Macroeconomics of Climate Change: Key Issues, Policy Responses, and International Cooperation. Senior Research Scholar Chenggang Xu will be moderating the event.

To attend in person, please register here.
To attend online, please register here.



Bo Li will be speaking on the macroeconomic impacts of climate change. He will discuss fiscal and financial policy priorities to meet Paris Agreement goals; key policy recommendations ranging from carbon taxation to scaling up climate finance; and challenges and opportunities for international cooperation on climate action.
 


About the Speaker 
 

Bo Li headhsot

Mr. Bo Li assumed the role of Deputy Managing Director at the IMF on August 23, 2021. He is responsible for the IMF’s work on about 90 countries as well as on a wide range of policy issues.

Before joining the IMF, Mr. Li worked for many years at the People’s Bank of China, most recently as Deputy Governor. He earlier headed the Monetary Policy, Monetary Policy II, and Legal and Regulation Departments, where he played an important role in the reform of state-owned banks, the drafting of China’s anti-money-laundering law, the internationalization of the renminbi, and the establishment of China’s macroprudential policy framework.

Outside of the PBoC, Mr. Li served as Vice Mayor of Chongqing—China’s largest municipality, with a population of over 30 million—where he oversaw the city’s financial-sector development, international trade, and foreign direct investment. Mr. Li was also Vice Chairman of the All-China Federation of Returned Overseas Chinese. He started his career at the New York law firm of Davis Polk & Wardwell, where he was a practicing attorney for five years.

Mr. Li holds a Ph.D. from Stanford University and an M.A. from Boston University, both in economics, as well as a J.D., magna cum laude, from Harvard Law School. He received his undergraduate education from Renmin University of China in Beijing.



The family of Dr. Sam-Chung Hsieh donated his personal archive to the Stanford Libraries' Special Collections and endowed the Dr. Sam-Chung Hsieh Memorial Lecture series to honor his legacy and to inspire future generations. Dr. Sam-Chung Hsieh (1919-2004) was former Governor of the Central Bank in Taiwan. During his tenure, he was responsible for the world's largest foreign exchange reserves, and was widely recognized for achieving stability and economic growth. In his long and distinguished career as economist and development specialist, he held key positions in multilateral institutions including the Asian Development Bank, where as founding Director, he was instrumental in advancing the green revolution and in the transformation of rural Asia. Read more about Dr. Hsieh.



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Bo Li, Deputy Managing Director at the IMF
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In today's global landscape, corporations play a pivotal role and, in many ways, have a greater impact on our lives than governments. Their influence on the economy, democracy, and the rule of law is profound, shaping rules, enforcement mechanisms, international agreements, and the provision of essential services. The Center on Democracy, Development and the Rule of Law (CDDRL) at Stanford’s Freeman Spogli Institute for International Studies (FSI) is pleased to announce the launch of the Program on Capitalism and Democracy (CAD), which will explore the complex interactions among democratic institutions, markets, and private-sector participants. 

Led by Professor Anat Admati, affiliated faculty at CDDRL and the George G.C. Parker Professor of Finance and Economics at the Stanford Graduate School of Business (GSB), and undertaken in collaboration with the Corporations and Society Initiative at the GSB, CAD will explore the potential opportunities, tensions, and challenges to democratic governance that capitalism presents. Whereas markets and private-sector institutions need effective governments and laws to enable their success at scale, the forces of capitalism can undermine democratic institutions, distort rules and enforcement, and exacerbate injustice. Through research, policy development, and educational activities, CAD will seek approaches that promote truth, accountability, and the proper balance of power so that society can realize the full benefits of both capitalism and democracy. 

“We do not have to choose, as some suggest, between ‘free market capitalism’ and ‘big government,’” said Anat Admati. “Rather, we must create a system in which markets and corporations can thrive without distorting the economy and democracy and in which democratic governments write and enforce proper rules for all. I am excited to launch the Program on Capitalism and Democracy and eager to promote interdisciplinary collaborations and make a positive difference.”

We do not have to choose between ‘free market capitalism’ and ‘big government.' Rather, we must create a system in which markets and corporations can thrive without distorting the economy and democracy and in which democratic governments write and enforce proper rules for all.
Anat Admati
Faculty Director, Program on Capitalism and Democracy

“This program represents a unique opportunity to address the challenges facing democracies today, advocating for a balance that ensures corporations contribute positively to society without compromising democratic values and public interests,” said Kathryn Stoner, Mosbacher Director of CDDRL. “I am thrilled to have CDDRL partner with Anat on the CAD program, and know that our academic community will benefit greatly from meaningful dialogue that advances our understanding of the complex relationship between capitalism and democracy.”

On Monday, April 1, 2024, CAD will host its inaugural event, titled Is Democratic Capitalism in Crisis?, with Admati in conversation with Global Witness co-founder Patrick Alley, moderated by FSI's Mosbacher Senior Fellow in Global Democracy, Larry Diamond. The panel will address critical questions, such as, "Do capitalists and their enablers undermine the principles of democracy by exacerbating inequalities and interfering with the justice system?" and "How can we restore fairness and trust, increase transparency, and empower truth?" You can learn more about the event and register to attend virtually or in-person here.

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How Banking Undermines Democracy

In a recent CDDRL research seminar, Anat Admati shared findings from her research on how banking practices can undermine democracy, which are highlighted in the new and expanded edition of her book, "The Bankers’ New Clothes: What is Wrong with Banking and What to Do About It" (Princeton University Press, 2024).
How Banking Undermines Democracy
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New Research Program Explores Intersection of Identity, Democracy, and Justice

Led by Professor Hakeem Jefferson, the program housed at the Center on Democracy, Development and the Rule of Law will advance innovative research on the multifaceted dimensions of identity and their role in democratic development, struggles for recognition, social justice, and inclusion.
New Research Program Explores Intersection of Identity, Democracy, and Justice
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Led by Professor Anat Admati, the program explores how capitalism interacts with democratic institutions and how a better balance between them might be achieved.

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Is Democratic Capitalism in Crisis?

Many developed democracies have been swept by waves of popular anger at aspects of capitalism. Informing this anger is the perception that private-sector markets and institutions do not properly reward innovation and hard work and instead undermine democratic institutions. Democracy, in this view, is failing to create rules and policies capable of generating fair markets and delivering basic human rights and social justice.

Do capitalists and their enablers undermine the principles of democracy by exacerbating inequalities and interfering with the justice system? How can we restore fairness and trust, increase transparency, and empower truth?

Join us to discuss these critical questions in this panel discussion celebrating the launch the new Program on Capitalism and Democracy (CAD) at the Center on Democracy, Development and the Rule of Law (CDDRL). Larry Diamond, Senior Fellow at the Freeman Spogli Institute for International Studies (FSI) and the Hoover Institution will engage with CAD faculty director Anat Admati, Professor of Finance and Faculty at the Graduate School of Business, and Patrick Alley, co-founder of the anti-corruption organization Global Witness. CDDRL Mosbacher Director Kathryn Stoner and GSB Dean Jon Levin will deliver introductory remarks.

This event is co-sponsored by the Corporations and Society Initiative (CASI) at the Graduate School of Business and the Center on Democracy, Development and the Rule of Law (CDDRL).

Speakers

Anat R. Admati

Anat R. Admati

CAD Faculty Director, George G.C. Parker Professor of Finance and Economics, Stanford Graduate School of Business
Full bio

Anat Admati is the George G.C. Parker Professor of Finance and Economics at Stanford University Graduate School of Business, Senior Fellow at the Stanford Institute for Economic Policy Research, and faculty director of the Corporations and Society Initiative. Her interests lie in the interaction of business, law, and policy, with a focus on governance and accountability issues. Since 2010, Admati has been engaged in policy discussions related to financial regulations. In 2014, she was named by Time Magazine as one of the 100 most influential people in the world and by Foreign Policy magazine as among 100 global thinkers. Admati has written on information dissemination in financial markets, financial contracting, corporate governance, and banking. She is the co-author, with Martin Hellwig, of The Bankers’ New Clothes: What’s Wrong with Banking and What to Do about It (Princeton University Press 2013, expanded edition 2024).

 

Patrick Alley

Patrick Alley

Co-Founder, Global Witness
2023 TED talk

Patrick Alley is the co-founder Global Witness, an organization that identifies key links between environmental and human rights abuses and is one of the pioneers of the global anti-corruption movement. Since 1995, Global Witness has garnered significant accolades and global recognition, including a nomination for the 2003 Nobel Peace Prize and several prestigious awards.

Patrick’s commitment extends beyond advocacy, having conducted over fifty field investigations globally, ranging from the destruction of rainforests in Southeast Asia, Africa, and Latin America, and contributing substantially to international efforts for greater transparency and accountability in the extractive industries. His dedication reflects a core belief in the transformative power of data and transparency to address critical global challenges, leading to substantive reforms in environmental protection and governance.

Patrick Alley is the author of Very Bad People, the story of how Global Witness uncovered a worldwide network of organized criminality, kleptocracy, and corruption and exposed the people behind it. His second book, Terrible Humans, will be published in May 2024 and gives the reader a fly-on-the-wall view of the work of activists and journalists exposing a pantheon of crimes, including the operations of the Wagner Group, sanctions busting, wildlife trafficking, and top-level political corruption in the EU.

 

Portrait of Hesham Sallam

Larry Diamond

Mosbacher Senior Fellow in Global Democracy, Freeman Spogli Insitute for International Studies
Full bio

Larry Diamond is the William L. Clayton Senior Fellow at the Hoover Institution, the Mosbacher Senior Fellow in Global Democracy at the Freeman Spogli Institute for International Studies (FSI), and a Bass University Fellow in Undergraduate Education at Stanford University. He is also professor by courtesy of Political Science and Sociology at Stanford. He leads the Hoover Institution’s programs on China’s Global Sharp Power and on Taiwan in the Indo-Pacific Region. At FSI, he leads the Program on Arab Reform and Democracy, based at the Center on Democracy, Development and the Rule of Law, which he directed for more than six years. He also co-leads with (Eileen Donahoe) the Global Digital Policy Incubator based at FSI’s Cyber Policy Center. He is the founding coeditor of the Journal of Democracy and also serves as senior consultant at the International Forum for Democratic Studies of the National Endowment for Democracy. His research focuses on democratic trends and conditions around the world and on policies and reforms to defend and advance democracy. His latest edited book (with Orville Schell), China's Influence and American Interests (Hoover Press, 2019), urges a posture of constructive vigilance toward China’s global projection of “sharp power,” which it sees as a rising threat to democratic norms and institutions. He offers a massive open online course (MOOC) on Comparative Democratic Development through the edX platform and is now writing a textbook to accompany it.

Larry Diamond
Larry Diamond

In-person: Bass Library, Room 400, Graduate School of Business (655 Knight Way, Stanford) — Space is limited.

Virtual: Open to the public.

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George G.C. Parker Professor of Finance and Economics, Stanford Graduate School of Business
Director of the Corporations and Society Initiative, Stanford Graduate School of Business
Director of the Program on Capitalism and Democracy, Center on Democracy, Development and the Rule of Law
Senior Fellow, Stanford Institute for Economic Policy Research
Senior Fellow (by courtesy), Freeman Spogli Institute for International Studies
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Anat R. Admati is the George G.C. Parker Professor of Finance and Economics at Stanford University Graduate School of Business (GSB), a Faculty Director of the GSB Corporations and Society Initiative, and a senior fellow at Stanford Institute for Economic Policy Research. She has written extensively on information dissemination in financial markets, portfolio management, financial contracting, corporate governance and banking. Admati’s current research, teaching and advocacy focus on the complex interactions between business, law, and policy with focus on governance and accountability.

Since 2010, Admati has been active in the policy debate on financial regulations. She is the co-author, with Martin Hellwig, of the award-winning and highly acclaimed book The Bankers’ New Clothes: What’s Wrong with Banking and What to Do about It (Princeton University Press, 2013; bankersnewclothes.com). In 2014, she was named by Time Magazine as one of the 100 most influential people in the world and by Foreign Policy Magazine as among 100 global thinkers.

Admati holds BSc from the Hebrew University, MA, MPhil and PhD from Yale University, and an honorary doctorate from University of Zurich. She is a fellow of the Econometric Society, the recipient of multiple fellowships, research grants, and paper recognition, and is a past board member of the American Finance Association. She has served on a number of editorial boards and is a member of the FDIC’s Systemic Resolution Advisory Committee, a former member of the CFTC’s Market Risk Advisory Committee, and a former visiting scholar at the International Monetary Fund.

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Patrick Alley
Panel Discussions
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After a successful post-Covid restart of the Annual Health Economics Conference (AHEC) in 2023, we are going to continue with the AHEC 2024 meeting hosted by Stanford University. The conference will begin on the morning of Thursday, April 4th and conclude by midday on Friday, April 5th. Please note that due to space constraints, this conference is by invitation only. If you would like to attend, please contact Maria Polyakova (maria.polyakova@stanford.edu) and Kelsey Snook (ksnook1@stanford.edu). 

We are extremely grateful to the Hoover Institute, the Stanford Institute for Economic Policy Research, and Stanford Health Policy for sponsoring the event this year. 

2024 AHEC Organizing Committee

Alice Chen, PhD (University of Southern California)

Marcus Dillender, PhD (Vanderbilt University)

Atul Gupta, PhD (University of Pennsylvania)

Maria Polyakova, PhD (Stanford University)

Michael Richards, MD, PhD (Cornell University)

Ashley Swanson, PhD (University of Wisconsin)

Agenda 

Presentation format: 30 minutes presenter, 10 minutes discussion, 10 minutes Q&A 

Day 1: April 4 (Thursday)

7.30-8.30 am: Breakfast 

8.30-9.20 am 
Links Between Puzzles in Household Finance: Evidence from Employee Benefit Choices 
Adam Leive, Leora Friedberg, and Brent Davis 
Speaker: Adam Leive, PhD – Assistant Professor, Goldman School of Public Policy, University of California, Berkeley 
Discussant: Gopi Shah Goda, PhD – Senior Fellow, SIEPR, Stanford University 

9.20-10.10 am 
Long-Term Echoes of Short-Term Policy: Tracing the Persistent Impact of Medicare Advantage Subsidies
Thomas Buchmueller, Aaron Kaye, William Mandelkorn, and Sarah Miller 
Speaker: Aaron Kaye, PhD Candidate in Business and Economics, University of Michigan 
Discussant: Natalia Serna Borrero, PhD – Assistant Professor, Department of Health Policy, Stanford University 

10.10-10.30 am: Break 

10.30-11.20 am 
Turbocharging Profits? Contract Gaming and Revenue Allocation in Healthcare
Atul Gupta, Ambar La Forgia, and Adam Sacarny 
Speaker: Ambar La Forgia, PhD – Assistant Professor, Haas School, University of California Berkeley 
Discussant: Jetson Leder-Luis, PhD – Assistant Professor, Questrom School of Business, Boston University 

11.20-12.10 pm 
Public Investment and Health Care Quality: Evidence from Rural Hospital Subsidies 
Caitlin Carroll 
Speaker: Caitlin Carroll, PhD – Assistant Professor, Division of Health Policy and Management, University of Minnesota 
Discussant: Christopher Whaley, PhD – Associate Professor, Department of Health Services, Policy and Practice, Brown University 

12.10-1.30 pm Lunch 

1.30-2.20 pm 
Medical Residency Subsidies and Provider Supply
Cici McNamara and Mayra Pineda-Torres 
Speaker: Cici McNamara, PhD – Assistant Professor, School of Economics, Georgia Institute of Technology 
Discussant: Michael Richards, MD, PhD, MPH – Professor, Jeb E. Brooks School of Public Policy, Cornell University 

2.20-3.10 pm 
Cognitive Capacity, Fatigue, and Decision Making: Evidence from the Practice of Medicine
Bryan Chu, Ben Handel, Jonathan Kolstad, Jonas Knecht, Ulrike Malmendier, and Filip Matejka 
Speaker: Jonathan Kolstad, PhD – Professor, Haas School of Business and Department of Economics, University of California Berkeley
Discussant: David Silver, PhD – Assistant Professor, Department of Economics, University of California, Santa Barbara 

3.10-3.30 pm: Break 

3.30-4.20 pm 
Externalities from Medical Innovation: Evidence from Organ Transplantation 
Kevin Callison, Michael Darden, and Keith F. Teltser 
Speaker: Michael Darden, PhD – Associate Professor, Department of Economics and Carey Business School, Johns Hopkins University 
Discussant: Paulo J. Somaini, PhD – Associate Professor of Economics, Stanford Graduate School of Business

4.20-5.10 pm 
The Effect of Hospital Breastfeeding Policies on Infant Health
Emily C. Lawler and Meghan M. Skira 
Speaker: Emily C. Lawler, PhD – Assistant Professor, Department of Public Administration and Policy and Economics, University of Georgia 
Discussant: Heather Royer, PhD – Professor of Economics University of California, Santa Barbara 

Day 2: April 5 (Friday) 

7.30-8.30 am: Breakfast 

8.30-9.20 am 
The Effect of Organizations on Physician Prescribing: The Case of Opioids
M. Kate Bundorf, Daniel Kessler, and Sahil Lalwani 
Speaker: Daniel Kessler, PhD – Professor, School of Law and Graduate School of Business, Stanford University 
Discussant: Stephen Schwab, PhD – Assistant Professor, Alvarez College of Business, University of Texas at San Antonio 

9.20-10.10 am 
Stocking Under the Influence: Spillovers from Commercial Drug Coverage to Medicare Utilization 
Emma Dean, Josh Feng, and Luca Maini 
Speaker: Emma Dean, PhD - Assistant Professor, Department of Health Management and Policy, Miami Business School, University of Miami 
Discussant: Genevieve Kanter, PhD – Associate Professor of Public Policy, Sol Price School of Public Policy and Senior Fellow, USC Schaeffer Center, USC 

10.10-10.30 am: Break 

10.30-11.20 am 
Healthcare Provider Bankruptcies
Samuel Antill, Jessica Bai, Ashvin Gandhi, and Adrienne Sabety 
Speaker: Adrienne Sabety, PhD – Assistant Professor, Department of Health Policy, Stanford University 
Discussant: Riley League, PhD – Postdoctoral Fellow in Health and Aging Research at the National Bureau of Economic Research 

11.20-12.10 pm
Ridesharing and External-Cause Mortality 
Conor Lennon, Christian Saenz, and Keith Teltser 
Speaker: Conor Lennon, PhD – Associate Professor, Economics, Rensselaer Polytechnic Institute 
Discussant: Victoria Barone, PhD – Assistant Professor, Economics, University of Notre Dame 

12.10-1.30 pm: Lunch 

1.30 pm: Adjourn 

 

Invitation-only event
Annenberg Conference Room
434 Galvez Mall Stanford, CA 94305

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Peter Henry with PhD Excellence Initiative fellows
Peter Blair Henry (center), Class of 1984 Senior Fellow at the Hoover Institution, with PhDEI fellows and alums at the 10th annual Summer Research Workshop at the NY Fed. (c) 2023, Federal Reserve Bank of New York
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Peter Blair Henry is tackling underrepresentation in economics one student at a time – and showing that a small-scale program can impact the profession’s pipeline.

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When I arrived at Stanford in September 2022, I’d just stepped out of a product manager role at a large government contractor. My career had focused on providing policymakers with the best open-source information possible around a myriad of foreign policy issues. Over the preceding years, that work had become increasingly intertwined with artificial intelligence (AI), not just as a subject of analysis but as a critical tool in the analytic process. In enrolling in the Ford Dorsey Master’s in International Policy (MIP) program, situated in the heart of Silicon Valley, I hoped I could better understand AI and how it would reshape geopolitics. 

My timing was serendipitous. Just as I settled in, OpenAI unveiled ChatGPT, and the world changed. It was a whirlwind period of wild speculation, anxiety, and excitement. To cut through the noise, I sat in on an advanced course on machine learning and enrolled in the Computer Science department’s core course, Programming Abstractions, to build my programming skills. Blending my policy framework development in MIP courses with technical study at Stanford’s renowned Computer Science department was exactly what I hoped Stanford would provide. 

What I didn’t expect, however, was how differently I was starting to think about my future after the program.

What I didn’t expect, however, was how differently I was starting to think about my future after the program.

The Entrepreneurial Leap

The original plan for MIP was to get smart and then apply what I learned within an established organization, like my former employer or the government. I began to wonder if, rather than providing information to decision-makers as I had previously in my career, I could combine my product management experience and burgeoning CS competency in a different way. Could I attack the same problems I’d been working on for years, but from the bottom up? Could I use technology to empower the broader public to become more resilient to misinformation and polarization?

The approaching summer seemed like the opportunity to test my product ideas and the possibility of starting a business around them. MIP’s summer funding made it feasible to take advantage of that opportunity while still paying my rent. It also added helpful structure to my plan, requiring me to record my hours and find a mentor to oversee my progress.

My former colleague, David, with whom I have a strong relationship built on trust and shared vision, agreed to be my mentor. He had recently launched his own company in a related space and was able to share a wealth of experience and insights.

The Summer of Coding and Discover

Summer came, and I dove headfirst into coding, dedicating countless hours at the corner desk of my Hoskins apartment to building something tangible that embodied my vision. I also began immersing myself in the Bay Area’s tech ecosystem - attending AI seminars, venture capital events, and networking with founders.

The results of those first weeks were encouraging. I prduced a working prototype that used AI to identify misleading information online and, by referencing trusted sources, provide missing context and corrective information to the reader. It was real progress toward a world where we no longer rely on ineffective fact-checking after readers are exposed to misleading information and form their opinions. Instead, AI could help every news reader spot deceptive content in real-time - during the opinion formation process.

Screenshot of the first time my prototype for The Critical Reader identified misleading info and injected corrective information on a live webpage

Despite my progress, I realized that if I were going to keep up with the pace of the hyper-competitive AI startup field, I would need a partner.

Finding a Co-founder 

With a working prototype of my Critical Reader Google Chrome extension, I felt ready to seek out an experienced partner who could help scale my vision. Y Combinator’s co-founder matching platform was my arena. It was a whirlwind of meetings and ideas, but eventually, I connected with the former CTO of a successful startup, who shared my commitment to revolutionizing digital information sharing.

Matching with a partner on Y Combinator’s matchmaking platform

We hit it off and decided to test our partnership with a 30-day trial. We examined my prototype critically and decided to pivot towards a simpler, more marketable product. In a few weeks, we had a minimum viable product ready and began user testing. As expected, the feedback was a mixture of praise and criticism, but it was energizing to have the critical data we needed to iterate and improve.

Beyond coding, we invested considerable effort into refining a mutual vision and business strategy. We began exploring non-profit frameworks and various hybrid business models that could achieve the scalability of a for-profit enterprise while preserving the principles that motivated us.

The experience developing financial forecasts and strategic plans significantly enhanced my professional toolkit and gave me first-hand experience with the reality of starting a business.

Renewed Vision 

In a few short months, my curiosity had evolved into a venture with real users and a business model. I had also changed. The experience developing financial forecasts and strategic plans significantly enhanced my professional toolkit and gave me first-hand experience with the reality of starting a business. 

Now, as I enter my penultimate quarter at Stanford, I am able to develop products and explore partnerships with a newfound clarity of purpose. My summer of entrepreneurship added a new dimension to my MIP experience and has set the stage for what comes after the program ends.

The Ford Dorsey Master's in International Policy Class of 2024 at the Freeman Spogli Institute for International Studies.

Meet the MIP Class of 2024

The 2024 Class has arrived at Stanford eager to tackle policy challenges ranging from food security to cryptocurrency privacy.
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In a CDDRL research seminar series talk, Anat Admati — the George G.C. Parker Professor of Finance and Economics at the Stanford Graduate School of Business — shared findings from her research on how banking practices can undermine democracy. Her talk highlighted themes from the new and expanded edition of her book, The Bankers’ New Clothes: What is Wrong with Banking and What to Do About It. Coauthored with Martin Hellwig, the book’s latest edition was published this year by Princeton University Press.

Admati argues that banks use their positions of influence to exploit their symbiotic relationships with politicians, breaking and distorting rules with impunity. The powerful consensus in the policy establishment that banks cannot be allowed to fail, has afforded these banks unrestricted power, knowing that the government will do whatever it takes to keep them afloat. The outcome has been detrimental to the rule of law and the quality of democracy. 

Admati brought to focus the Financial Crisis Inquiry Report, which was formed in the wake of the 2007-2009 Global Financial Crisis. The report found that the crisis was avoidable, and attributed the failures to gaps in regulation. The same weaknesses in the system of regulation, Admati noted, persist today. 

Much of the problem is rooted in the lack of sufficient equity. Banks, in other words, are allowed to operate with large amounts of debt, rendering them quite fragile. Exacerbating the problem is that banks are heavily interconnected, and when one indebted corporation fails, it takes down others with it; the 2008 crisis is a case in point.

The problem is global, but the U.S. provides a clear example. The U.S. government is central to how banks are able to get away with operating with such little equity. With the federal government prepared to support them through various bailout practices, banks find a strong incentive to borrow beyond their means. A recent example of that trend is Silicon Valley Bank, wherein the federal government took measures to guarantee that depositors would be made whole after the bank’s failure. This safety net that the government has consistently provided has, in effect, shielded banks from the downsides of taking on unsound risks. Better regulation is needed to require more equity so that banks would be prepared to absorb losses before being bailed out.

However, the current regulations — sponsored by the Basel Committee — are so complex that banks can weaponize and exploit them, spreading misinformation to shield themselves from accountability. Lobbying groups, like the Bank Policy Institute, are among the most powerful on Capitol Hill, ensuring that regulations remain lax, and banks continue to have the opportunity to game the system.

Banks hold disproportionate power in democracies and face limited political will to hold them accountable.

View Professor Admati's presentation slides:
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In a recent CDDRL research seminar, Anat Admati shared findings from her research on how banking practices can undermine democracy, which are highlighted in the new and expanded edition of her book, "The Bankers’ New Clothes: What is Wrong with Banking and What to Do About It" (Princeton University Press, 2024).

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