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The Performance of Peer Review and a Beauty Contest of Referee Processes of Economics Journals/

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Author Info

  • SEIDL, CHRISTIAN

    ()
    (Department of Economics, University of Kiel, Germany)

  • SCHMIDT, ULRICH

    (Department of Economics, University of Hannover, Germany,)

  • GRÖSCHE, PETER

    (Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Essen, Germany)

Abstract

Peer review influences decisively personal advancement, research opportunities, salaries, grant-funding, promotion, and tenure. It claims to exert quality control of manuscripts and improve them, to promote innovative research, foster dissemination of new research, and to serve as a means to rank researchers, journals, and institutions. Nowadays per review mainly serves the purpose of imprinting a signal of quality on a scholar’s research. This requires a perfect performance of peer review. However, empirical research has shown that peer review lacks validity, impartiality, and fairness, which makes its claim to imprint manuscript excellence dubious. This is demonstrated in the first part of this paper which surveys peer-review research across all disciplines. In the second part of this paper, we report on an internet investigation conducted among economics authors. We found that there is a group of some eight top economics journals which fall at the bottom in most rankings. Moreover, we found that authors appreciate competence and carefulness of referee reports even more than manuscript acceptance.

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Bibliographic Info

Article provided by Estudios de Economía Aplicada in its journal Estudios de Economía Aplicada.

Volume (Year): 23 (2005)
Issue (Month): (Diciembre)
Pages: 505-551

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Handle: RePEc:lrk:eeaart:23_3_1

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Related research

Keywords: Peer Review; Referee Processes; Publishing; Economics Journals.;

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References

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  1. Theodore C. Bergstrom, 2001. "Free Labour for Costly Journals?," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 15(4), pages 183-198, Fall.
  2. Glenn Ellison, 2000. "The Slowdown of the Economics Publishing Process," NBER Working Papers 7804, National Bureau of Economic Research, Inc.
  3. Hodgson, Geoffrey M & Rothman, Harry, 1999. "The Editors and Authors of Economics Journals: A Case of Institutional Oligopoly?," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 109(453), pages F165-86, February.
  4. Malouin, Jean-Louis & -Francois Outreville, J., 1987. "The relative impact of economics journals: A cross-country survey and comparison," Journal of Economics and Business, Elsevier, Elsevier, vol. 39(3), pages 267-277, August.
  5. Armstrong, J. Scott, 2003. "Discovery and communication of important marketing findings: Evidence and proposals," Journal of Business Research, Elsevier, Elsevier, vol. 56(1), pages 69-84, January.
  6. repec:fth:calaec:16-01 is not listed on IDEAS
  7. 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, American Economic Association, vol. 81(5), pages 1041-67, December.
  8. 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, MIT Press, vol. 105(2), pages 341-52, May.
  9. Glenn Ellison, 2002. "Evolving Standards for Academic Publishing: A q-r Theory," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 110(5), pages 994-1034, October.
  10. Daniel S. Hamermesh, 1994. "Facts and Myths about Refereeing," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 8(1), pages 153-163, Winter.
  11. Burton, M P & Phimister, Euan, 1995. "Core Journals: A Reappraisal of the Diamond List," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 105(429), pages 361-73, March.
  12. Pantelis Kalaitzidakis & Theofanis P. Mamuneas & Thanasis Stengos, 2003. "Rankings of Academic Journals and Institutions in Economics," Journal of the European Economic Association, MIT Press, MIT Press, vol. 1(6), pages 1346-1366, December.
  13. Dewald, William G & Thursby, Jerry G & Anderson, Richard G, 1986. "Replication in Empirical Economics: The Journal of Money, Credit and Banking Project," American Economic Review, American Economic Association, American Economic Association, vol. 76(4), pages 587-603, September.
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Cited by:
  1. Pitsoulis, Athanassios & Schnellenbach, Jan, 2012. "On property rights and incentives in academic publishing," Research Policy, Elsevier, Elsevier, vol. 41(8), pages 1440-1447.

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