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How Productive Are Economics and Finance PhDs?

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  • Yihui Lan
  • Kenneth W. Clements
  • Zong Ken Chai

Abstract

This article analyses the research productivity of more than 200 individuals in academe with a PhD in economics and finance from (mostly) Australian universities. We find the number of publications accumulates linearly with experience, while citations increase exponentially, pointing to network effects. Panel regressions indicate: (1) the key role of experience in determining research outcomes; (2) the usual quadratic approach substantially under‐estimates the role of diminishing returns to experience; (3) the university where an individual works is mostly unimportant for publications and citations. ‘Prime academic age’, when research has maximum impact, is attained about 11 years after the PhD.

Suggested Citation

  • Yihui Lan & Kenneth W. Clements & Zong Ken Chai, 2023. "How Productive Are Economics and Finance PhDs?," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 56(4), pages 442-461, December.
    • Handle: RePEc:bla:ausecr:v:56:y:2023:i:4:p:442-461
    DOI: 10.1111/1467-8462.12531
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