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A theory of self-selection in a market with matching frictions: An application to delay in refereeing times in economics journals

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  • Lee, Sam-Ho
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    Abstract

    A matching market with imperfect information is studied. With imperfect information, it is shown that friction in a meeting process can facilitate self-selection and thus may improve the matching outcome. As an application, the effect of delay in refereeing time on publication outcome is analyzed in a publication process in economics journals. Though the delay causes efficiency loss by postponing the dissemination of new research, it will better sort the papers to each journal by their qualities by preventing mediocre papers from being submitted to a prestigious journal and published by luck. If an assortative outcome (good papers in prestigious journals and mediocre papers in less prestigious journals) is efficient, the delay may actually improve the publication outcome. Other matching market examples are also discussed.

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    File URL: http://www.sciencedirect.com/science/article/B6V8F-4WH8C31-1/2/9ad3b440b574b70bdac90e4dc027defb
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Economic Behavior & Organization.

    Volume (Year): 72 (2009)
    Issue (Month): 1 (October)
    Pages: 344-360

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    Handle: RePEc:eee:jeborg:v:72:y:2009:i:1:p:344-360

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    Web page: http://www.elsevier.com/locate/jebo

    Related research

    Keywords: Matching friction Self-selection Delay in refereeing times;

    References

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    1. Glenn Ellison, 2002. "The Slowdown of the Economics Publishing Process," Journal of Political Economy, University of Chicago Press, vol. 110(5), pages 947-993, October.
    2. Burdett, Ken & Coles, Melvyn G, 1997. "Marriage and Class," The Quarterly Journal of Economics, MIT Press, vol. 112(1), pages 141-68, February.
    3. Yohe, Gary W, 1980. "Current Publication Lags in Economics Journals," Journal of Economic Literature, American Economic Association, vol. 18(3), pages 1050-55, September.
    4. Derek Leslie, 2005. "Are Delays in Academic Publishing Necessary?," American Economic Review, American Economic Association, vol. 95(1), pages 407-413, March.
    5. Becker, Gary S, 1973. "A Theory of Marriage: Part I," Journal of Political Economy, University of Chicago Press, vol. 81(4), pages 813-46, July-Aug..
    6. Laband, David N, 1990. "Is There Value-Added from the Review Process in Economics? Preliminary Evidence from Authors," The Quarterly Journal of Economics, MIT Press, vol. 105(2), pages 341-52, May.
    7. Chakraborty, Archishman & Citanna, Alessandro & Ostrovsky, Michael, 2010. "Two-sided matching with interdependent values," Journal of Economic Theory, Elsevier, vol. 145(1), pages 85-105, January.
    8. Trivedi, Pravin K, 1993. "An Analysis of Publication Lags in Econometrics," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 8(1), pages 93-100, Jan.-Marc.
    9. Chade, Hector, 2006. "Matching with noise and the acceptance curse," Journal of Economic Theory, Elsevier, vol. 129(1), pages 81-113, July.
    10. Ofer H. Azar, 2004. "Rejections and the importance of first response times," International Journal of Social Economics, Emerald Group Publishing, vol. 31(3), pages 259-274, March.
    11. Mark J. McCabe & Christopher M. Snyder, 2005. "Open Access and Academic Journal Quality," American Economic Review, American Economic Association, vol. 95(2), pages 453-459, May.
    12. Montgomery, James D, 1991. "Equilibrium Wage Dispersion and Interindustry Wage Differentials," The Quarterly Journal of Economics, MIT Press, vol. 106(1), pages 163-79, February.
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    Cited by:
    1. Radu Vranceanu & Damien Besancenot & Kim Huynh, 2010. "A Matching Model of the Academic Publication Market," Post-Print hal-00554710, HAL.
    2. Damien Besancenot & Kim Huynh & Radu Vranceanu, 2011. "A Matching Model of the Academic Publication Market," Working Papers halshs-00589186, HAL.
    3. Besancenot, Damien & Huynh, Kim & Vranceanu, Radu, 2009. "Desk rejection in an academic publication market model with matching frictions," ESSEC Working Papers DR 09008, ESSEC Research Center, ESSEC Business School.

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