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Fame and the Fortune of Academic Economists: How the Market Rewards Influential Research in Economics

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Author Info

  • Hilmer, Christiana E.

    ()
    (San Diego State University)

  • Hilmer, Michael J.

    ()
    (San Diego State University)

  • Ransom, Michael R.

    ()
    (Brigham Young University)

Abstract

We analyze the pay and position of 1,009 faculty members who teach in doctoral-granting economics departments at fifty-three large public universities in the United States. Using the Web of Science, we have identified the journal articles published by these scholars and the number of times each of these articles has been subsequently cited in published research articles. We find that research influence, as measured by various measures of total citations, is a surprisingly strong predictor of the salary and the prestige of the department in which professors are employed. We also examine how coauthorship is rewarded by the market.

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Bibliographic Info

Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 6960.

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Length: 32 pages
Date of creation: Oct 2012
Date of revision:
Handle: RePEc:iza:izadps:dp6960

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Keywords: academic labor markets; professor's salaries;

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References

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  1. Moore, William J & Newman, Robert J & Turnbull, Geoffrey K, 1998. "Do Academic Salaries Decline with Seniority?," Journal of Labor Economics, University of Chicago Press, vol. 16(2), pages 352-66, April.
  2. Sauer, Raymond D, 1988. "Estimates of the Returns to Quality and Coauthorship in Economic Academia," Journal of Political Economy, University of Chicago Press, vol. 96(4), pages 855-66, August.
  3. James Monks & Michael Robinson, 2001. "The Returns to Seniority in Academic Labor Markets," Journal of Labor Research, Transaction Publishers, vol. 22(2), pages 415-427, April.
  4. Bernt Bratsberg & James F. Ragan & Jr & John T. Warren, 2003. "Negative returns to seniority: New evidence in academic markets," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 56(2), pages 306-323, January.
  5. Tuckman, Howard P & Leahey, Jack, 1975. "What Is an Article Worth?," Journal of Political Economy, University of Chicago Press, vol. 83(5), pages 951-67, October.
  6. Scott, Loren C & Mitias, Peter M, 1996. "Trends in Rankings of Economics Departments in the U.S.: An Update," Economic Inquiry, Western Economic Association International, vol. 34(2), pages 378-400, April.
  7. Tuckman, Howard P & Gapinski, James H & Hagemann, Robert P, 1977. "Faculty Skills and the Salary Structure in Academe: A Market Perspective," American Economic Review, American Economic Association, vol. 67(4), pages 692-702, September.
  8. Michael J. Hilmer & Christiana E. Hilmer, 2011. "Negative Returns to Seniority and Job Mobility across the Program Quality Distribution: Are Top Public PhD-Granting Programs Different?," American Economic Review, American Economic Association, vol. 101(3), pages 466-70, May.
  9. Holtmann, A G & Bayer, Alan E, 1970. "Determinants of Professional Income Among Recent Recipients of Natural Science Doctorates," The Journal of Business, University of Chicago Press, vol. 43(4), pages 410-18, October.
  10. Barbezat, Debra A. & Donihue, Michael R., 1998. "Do faculty salaries rise with job seniority?," Economics Letters, Elsevier, vol. 58(2), pages 239-244, February.
  11. Moore, William J & Newman, Robert J & Turnbull, Geoffrey K, 2001. "Reputational Capital and Academic Pay," Economic Inquiry, Western Economic Association International, vol. 39(4), pages 663-71, October.
  12. Bernt Bratsberg & James F. Ragan & John T. Warren, 2010. "Does Raiding Explain The Negative Returns To Faculty Seniority?," Economic Inquiry, Western Economic Association International, vol. 48(3), pages 704-721, 07.
  13. Arthur M. Diamond Jr., 1986. "What is a Citation Worth?," Journal of Human Resources, University of Wisconsin Press, vol. 21(2), pages 200-215.
  14. Siegfried, John J & White, Kenneth J, 1973. "Financial Rewards to Research and Teaching: A Case Study of Academic Economists," American Economic Review, American Economic Association, vol. 63(2), pages 309-15, May.
  15. Ransom, Michael R, 1993. "Seniority and Monopsony in the Academic Labor Market," American Economic Review, American Economic Association, vol. 83(1), pages 221-33, March.
  16. Katz, David A, 1973. "Faculty Salaries, Promotion, and Productivity at a Large University," American Economic Review, American Economic Association, vol. 63(3), pages 469-77, June.
  17. 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.
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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Fame! Fortune! Markets!
    by René Böheim in Econ Tidbits on 2012-11-15 07:17:00

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