Lucy Xiaolu WANG's Professional Website

I am a Senior Research Fellow (Postdoc) at the Max Planck Institute for Innovation and Competition in München, Germany. My research focuses on the economics of innovation & digitization in health care markets (national and global), particularly in the biopharmaceutical and digital health industries. My projects are funded by the Liu Memorial Fellowship from Cornell, Hayek Fund Awards, Humane Studies Fellowship, National Ministry of Education of China, among others. I will join UMass Amherst as an Assistant Professor in 2021.9.

Curriculum Vitae


  • Ph.D. Economics, Cornell University, 2020, Ithaca, NY

  • M.A. Economics, Duke University, 2014, Durham, NC

  • B.A. Economics (specialty: Insurance), CUFE, 2012, Beijing, China


Research and Teaching Fields: 

Primary: Economics of Innovation, Health Care Economics

Secondary: Industrial Organization, Public Finance

Contact Information:


cell: (German) +49 176 27815656; (US) +1 832-564-7288

Research Papers

I utilize rich institutional details and novel data on health care markets to answer theory-motivated, policy-relevant empirical questions. My research agenda aims to understand innovation in markets with high R&D investment, heavy regulation, massive financial burden, and important implications for social welfare and firms decisions.

Working Papers

Global Drug Diffusion and Innovation with the Medicines Patent Pool (Job Market Paper)

The first joint licensing platform for medicines spurs global diffusion and innovation of HIV drug cocktails cost-effectively.

  • Best Paper Designation, Academy of Management (technology & innovation management division), 2021

  • Best Paper Award, Wharton Innovation Doctoral Symposium, University of Pennsylvania, 10/2019

  • Young Scholar Best Paper Award (economics/management), European Policy for Intellectual Property, ETH Zürich, 9/2019

  • Research grants: Cornell SC Johnson College of Business "Innovation, Entrepreneurship, and Technology" inaugural travel grant, 2019-2020; Institute for Humane Studies Grant, 2018-2019; Cornell Graduate School Research Travel Grant, 2019

  • Featured in Written Description by Prof. Lisa Larrimore Ouellette, 9/2019


The Complementarity of Drug Monitoring Programs and Health IT for Reducing Opioid-Related Mortality and Morbidity, Revise & Resubmit, Health Economics

Interconnected platform with health IT and prescription monitoring can help reduce opioid-related mortality and morbidity.

  • Download; [Latest draft]

  • Best Paper Designation, 2019 & Outstanding Student Paper Award, Academy of Management (health care division), 2019

  • Young Researcher Best Paper Award, the 9th Conference on Health IT & Analytics, Washington, D.C., 2018

Patent Classification Systems and Technological Categorization: An Overview and Update (technical memo)

  • Text: SSRN link; data: GitHub link. This note documents and updates the technological categorization for U.S. patents.



The Secret Menu in Health Care: A Cash Market for Imaging in California, with Jordan Epstein (Stroll Health), Sean Nicholson (Cornell University), Katherine Hempstead (RWJF), Sam Asin (Stroll Health), 2020, INQUIRY: The Journal of Health Care Organization, Provision, and Financing, 57, 0046958020981449. (Text: publisher's version)

Privately-insured patients can benefit from cash price options when observing both in-network and cash prices.

  • Funded by a Robert Wood Johnson Foundation Grant awarded in 2016 (Principal Investigator: J. Epstein)

The Complementarity of Health Information & HIT for Reducing Opioid-Related Mortality and Morbidity, 2019, Academy of Management Best Paper Proceedings

Manufacturing Fetishism: The Neo-Mercantilist Preoccupation with Protecting Manufacturing, 2015, joint with Alecia W. Cassidy and Edward Tower, in The Region and Trade: New Analytical Directions (Edited by Amitrajeet Batabyal and Peter Nijkamp), World Scientific, p.137-175

Neither a strong manufacturing base nor trade restrictions are essential to spur economic growth.

Works In Progress

To be updated (Available upon request).


Teaching Experiences

In my learning experience, research (knowledge creation) and teaching (knowledge diffusion) are often complements. While researching innovation, teaching offers me the opportunities to understand creativity - how innovative ideas can be generated in the first place. I believe that highly motivated and creative learners are essential for future innovation.

Teaching Fellowships and Recognition

  • CU-CIRTL Scholar Certificate Award (the first awardee in the field of economics), Cornell, Nov. 2018

  • Graduate Teaching Assistant Fellowship (as a fellow mentor), Center for Teaching Innovation, Cornell, 2017-2018

  • Graduate Research and Teaching Fellowship, Center for Teaching Excellence, Cornell, 2016-2017

  • Graduate Student Spotlight, Graduate School interview on research, teaching, and learning, Cornell, Apr. 2017


As an Instructor or Guest Instructor for Undergraduate & Graduate Courses

  • Instructor, Mathematics Review Session for Management (MBA), Johnson Business School, Cornell, Aug. 7, 2018

  • Instructor, Graduate Teaching Excellence Program (Ph.D.) Training Sessions (Feb. 15, Mar. 8, Mar. 29), Cornell, 2018

  • Guest instructor, “Why Firms Fail? Mini-Case Studies of Enron & Theranos”, for Corporations, Shareholders, and Policy (Undergraduate & Masters’ Level), Prof. Rick Geddes, Cornell, Feb. 9, 2017

As a Teaching Assistant for Graduate & Professional Courses

  • Microeconomics for Management (MBA), Prof. Michael Waldman, Cornell, Fall 2018 (head TA)

  • Microeconomics for Management (Finance EMBA), Prof. Armin Rick, Cornell-Tsinghua, Oct. 2016 & 2017

  • Microeconomics for Management (Accelerated MBA), Prof. Michael Waldman, Cornell, Summer 2017

  • Corporations, Shareholders, and Policy, Prof. Rick Geddes, Cornell, Spring 2017

  • Computer Modeling for Policy Analysis, Prof. Edward Tower, Duke, Spring 2014

As a Grader for Graduate Econometric Courses

  • Empirical Strategies for Policy Research II (Ph.D.), Prof. Zhuan Pei, Cornell, Spring 2018

  • Applied Microeconometrics (Master's level), Prof. Daniel Yi Xu, Duke, Spring 2014

As a Teaching Assistant for Undergraduate Courses

  • Corporations, Shareholders, and Policy, Prof. Rick Geddes, Cornell, Spring 2017

  • Public Finance - Economics of the Public Sector, Prof. Brandon Tripp, Cornell, Fall 2016

  • Introductory Microeconomics, Prof. Jennifer Wissink, Cornell, Fall 2014

As a Co-Instructor for Graduate & Post-Doctoral Professional Workshops

  • Enhance Teaching with Research-Based Practices” (with Jeffrey Mulligan), Cornell, Mar. 17, 2018

  • Teaching and Leadership Development” (with Matt Hankins), Cornell, Oct. 28, 2017

  • Overcoming Anxiety about Public Speaking” (with Jack Madden), Cornell, Oct. 14, 2017

  • Using Theater Techniques to Enhance Your Teaching” (with Mary Centrella), Cornell, Apr. 11, 2017

  • Flipping the Classroom as a TA” (with Minji Kim), Univ.-wide Conference, Cornell, Mar. 4, 2017

  • Using a Case-Study Approach to Teaching” (with Catherine Spirito), Cornell, Nov. 16, 2016


Case and Teaching Materials

  • “Connecting with Reality: Using Mini-Case Study Approach to Facilitate and Assess Student Learning,” 2018, Cornell University Classroom Research Working Paper Series, Volume 6



Mentoring Experiences

  • Fellow Mentor and Leader for Graduate Research and Teaching Fellows, Cornell, 2017-2018

  • Research Mentor for an Undergraduate Honors Thesis (B.S. Economics 18’ summa cum laude), Cornell, 2018

  • Mentor, Cornell Ph.D. Peer-Mentoring Program, Dept. of Economics, Cornell, 2017-2018

  • Certificate of Completion of Research Mentoring Training through “Building Mentoring Skills for an Academic Career”, Center for the Integration of Research, Teaching and Learning, Cornell, Apr. 2017

  • Ad Hoc Reference for a Cornell Freshman Summer External Internship Application (accepted), Dec. 2014


Professional Services

  • Referee: American Economic Review; Demographic Research, Health Economics; Health Information Management Journal; Journal of Labor Economics; Management Science; Production and Operations Management; Social Science Research

  • Scientific Review Committee: American Society of Health Economists Conference, 2018, 2019, 2020, 2021; Academy of Management Conference, 2018; Award Committee member for the AOM Health Care Management Division Outstanding Paper Based on a Dissertation, 2020

  • Discussant: Wharton Innovation Doctoral Symposium 2019, session: "Technology & Innovation Management"; North East Universities Development Consortium 2019, session: "Institutions"; American Society of Health Economists Annual Conference 2018, session: “Healthcare IT: Providers & Payers”; Asia-Pacific Risk and Insurance Annual Conference 2012, Session: “Actuarial Pricing”

  • Co-organizer/Facilitator: Univ.-wide Conferences for Teaching and Learning (Spring 2017, Fall 2017), Cornell

  • Others: Financial investigator & team leader for China Banking Association Micro Entrepreneurship Awards, 2010; Founder of the “Fledgling Eagle Project/Scholarship” for Migrant Children in Rural Beijing, 2010