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An auction market for journal articles

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  • Jens Prüfer
  • David Zetland

    ()

Abstract

Economic articles are published very slowly. We believe this results from the poor incentives referees face. We recommend that an auction market replace the current, push system for submitting papers and demonstrate that our proposed market has a stable, Pareto-improving equilibrium. Besides the benefits of speed, this pull mechanism increases the quality of articles and journals and rewards referees for their effort. Although the auction price gives a prior on a paper's future value, its actual value|as a published article|depends on later citations. Since the auction price of later papers goes to the editors, authors and referees of earlier, cited articles, "auction earnings" give a direct measure of the value of articles, journals (the sum of articles) and academics - as authors, editors and reviewers - rewarding good writing, decisions and effort, respectively.

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File URL: http://hdl.handle.net/10.1007/s11127-009-9571-3
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Bibliographic Info

Article provided by Springer in its journal Public Choice.

Volume (Year): 145 (2010)
Issue (Month): 3 (December)
Pages: 379-403

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Handle: RePEc:kap:pubcho:v:145:y:2010:i:3:p:379-403

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Web page: http://www.springerlink.com/link.asp?id=100332

Related research

Keywords: Academic journals; Academic productivity; Market design; A11; D02; D44;

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References

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  1. Paul Klemperer, 2002. "What Really Matters in Auction Design," Journal of Economic Perspectives, American Economic Association, vol. 16(1), pages 169-189, Winter.
  2. Oswald, Andrew J., 2006. "An Examination of the Reliability of Prestigious Scholarly Journals: Evidence and Implications for Decision-makers," The Warwick Economics Research Paper Series (TWERPS) 744, University of Warwick, Department of Economics.
  3. Klemperer, Paul, 1999. "Auction Theory: a Guide to the Literature," CEPR Discussion Papers 2163, C.E.P.R. Discussion Papers.
  4. Daniel S. Hamermesh, 1994. "Facts and Myths about Refereeing," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 153-163, Winter.
  5. Alvin E. Roth & Axel Ockenfels, . "Last-Minute Bidding and the Rules for Ending Second-Price Auctions: Evidence from eBay and Amazon Auctions on the Internet," Papers on Strategic Interaction 2002-32, Max Planck Institute of Economics, Strategic Interaction Group.
  6. Besley, Timothy J. & Ghatak, Maitreesh, 2004. "Competition and Incentives with Motivated Agents," CEPR Discussion Papers 4641, C.E.P.R. Discussion Papers.
  7. Milgrom, Paul, 1989. "Auctions and Bidding: A Primer," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 3-22, Summer.
  8. Oster, Sharon, 1980. "The Optimal Order for Submitting Manuscripts," American Economic Review, American Economic Association, vol. 70(3), pages 444-48, June.
  9. Blank, Rebecca M, 1991. "The Effects of Double-Blind versus Single-Blind Reviewing: Experimental Evidence from The American Economic Review," American Economic Review, American Economic Association, vol. 81(5), pages 1041-67, December.
  10. Glenn Ellison, 2002. "Evolving Standards for Academic Publishing: A q-r Theory," Journal of Political Economy, University of Chicago Press, vol. 110(5), pages 994-1034, October.
  11. Daniel B. Klein & Eric Chiang, 2004. "The Social Science Citation Index: A Black Box—with an Ideological Bias?," Econ Journal Watch, Econ Journal Watch, vol. 1(1), pages 134-165, April.
  12. Glenn Ellison, 2000. "The Slowdown of the Economics Publishing Process," NBER Working Papers 7804, National Bureau of Economic Research, Inc.
  13. Theodore C. Bergstrom, 2001. "Free Labour for Costly Journals?," Journal of Economic Perspectives, American Economic Association, vol. 15(4), pages 183-198, Fall.
  14. Jean-Pierre Benoit & Vijay Krishna, 1998. "Multiple-Object Auctions with Budget Constrained Bidders," Game Theory and Information 9805001, EconWPA, revised 26 Jul 1999.
  15. Terry Plum & David Colander, 2004. "Efficiency, Journal Publishing and Scholarly Research - A Discussion Paper," Middlebury College Working Paper Series 0414, Middlebury College, Department of Economics.
  16. Glenn Ellison, 2007. "Is Peer Review in Decline?," NBER Working Papers 13272, National Bureau of Economic Research, Inc.
  17. JS Armstrong, 2004. "Discovery and Communication of Important Marketing Findings: Evidence and Proposals," General Economics and Teaching 0412011, EconWPA.
  18. Joshua S. Gans & George B. Shepherd, 1994. "How Are the Mighty Fallen: Rejected Classic Articles by Leading Economists," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 165-179, Winter.
  19. repec:fth:calaec:16-01 is not listed on IDEAS
  20. Hal R. Varian, 1997. "The AEA's Electronic Publishing Plans: A Progress Report," Journal of Economic Perspectives, American Economic Association, vol. 11(3), pages 95-104, Summer.
  21. JS Armstrong, 2004. "Peer Review for Journals: Evidence on Quality Control, Fairness, and Innovation," General Economics and Teaching 0412027, EconWPA.
  22. Che, Yeon-Koo & Gale, Ian, 1998. "Standard Auctions with Financially Constrained Bidders," Review of Economic Studies, Wiley Blackwell, vol. 65(1), pages 1-21, January.
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