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How Should Peer‐review Panels Behave?

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  • Daniel Sgroi
  • Andrew J. Oswald

Abstract

Many governments wish to assess the quality of their universities. A prominent example is the UK’s new Research Excellence Framework (REF) 2014. In the REF, peer-review panels will be provided with information on publications and citations. This paper suggests a way in which panels could choose the weights to attach to these two indicators. The analysis draws in an intuitive way on the concept of Bayesian updating (where citations gradually reveal information about the initially imperfectly-observed importance of the research). Our study should not be interpreted as the argument that only mechanistic measures ought to be used in a REF. JEL classification: I23 ; C11 ; O30

(This abstract was borrowed from another version of this item.)

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Bibliographic Info

Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): (2013)
Issue (Month): (08)
Pages: F255-F278

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Handle: RePEc:ecj:econjl:v::y:2013:i::p:f255-f278

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References

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  1. Goodall, Amanda H., 2009. "Highly cited leaders and the performance of research universities," Research Policy, Elsevier, vol. 38(7), pages 1079-1092, September.
  2. JamesR. Lothian & MarkP. Taylor, 2008. "Real Exchange Rates Over the Past Two Centuries: How Important is the Harrod-Balassa-Samuelson Effect?," Economic Journal, Royal Economic Society, vol. 118(532), pages 1742-1763, October.
  3. Oswald, Andrew J., 2006. "An Examination of the Reliability of Prestigious Scholarly Journals: Evidence and Implications for Decision-makers," IZA Discussion Papers 2070, Institute for the Study of Labor (IZA).
  4. Sofronis Clerides & Panos Pashardes & Alexandros Polycarpou, 2006. "Peer Review vs Metric-Based Assessment: Testing for Bias in the RAE Ratings of UK Economics Departments," University of Cyprus Working Papers in Economics 7-2006, University of Cyprus Department of Economics.
  5. Paul Collier & Anke Hoeffler, 2004. "Greed and Grievance in Civil War," Development and Comp Systems 0409007, EconWPA.
  6. Emmanuel Farhi & Josh Lerner & Jean Tirole, 2005. "Certifying New Technologies," Journal of the European Economic Association, MIT Press, vol. 3(2-3), pages 734-744, 04/05.
  7. Taylor, Curtis R, 1999. "Time-on-the-Market as a Sign of Quality," Review of Economic Studies, Wiley Blackwell, vol. 66(3), pages 555-78, July.
  8. Paul Dolan & Daniel Kahneman, 2008. "Interpretations Of Utility And Their Implications For The Valuation Of Health," Economic Journal, Royal Economic Society, vol. 118(525), pages 215-234, 01.
  9. Gill, David & Sgroi, Daniel, 2012. "The optimal choice of pre-launch reviewer," Journal of Economic Theory, Elsevier, vol. 147(3), pages 1247-1260.
  10. Gabrielle Demange, 2009. "Sharing information in web communities," PSE Working Papers halshs-00586656, HAL.
  11. Sgroi, D., 2000. "Optimizing Information in the Herd: Guinea Pigs, Profit and Welfare," Economics Papers 2000-w14, Economics Group, Nuffield College, University of Oxford.
  12. Benjamin Chiao & Josh Lerner & Jean Tirole, 2005. "The Rules of Standard Setting Organizations: An Empirical Analysis," NBER Working Papers 11156, National Bureau of Economic Research, Inc.
  13. Daniel S. Hamermesh & Gerard A. Pfann, 2012. "Reputation And Earnings: The Roles Of Quality And Quantity In Academe," Economic Inquiry, Western Economic Association International, vol. 50(1), pages 1-16, 01.
  14. Frederic S. Lee, 2007. "The Research Assessment Exercise, the state and the dominance of mainstream economics in British universities," Cambridge Journal of Economics, Oxford University Press, vol. 31(2), pages 309-325, March.
  15. Oswald, Andrew J., 2009. "A Suggested Method for the Measurement of World-Leading Research (Illustrated with Data on Economics)," IZA Discussion Papers 4313, Institute for the Study of Labor (IZA).
  16. Gill, David & Sgroi, Daniel, 2008. "Sequential decisions with tests," Games and Economic Behavior, Elsevier, vol. 63(2), pages 663-678, July.
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Cited by:
  1. Graziella Bertocchi & Alfonso Gambardella & Tullio Jappelli & Carmela A. Nappi & Franco Peracchi, 2013. "Bibliometric Evaluation vs. Informed Peer Review: Evidence from Italy," CSEF Working Papers 344, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.

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