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The Review Process in Economics: Is it Too Fast?

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Author Info
Ofer H. Azar

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Abstract

Rewards for publications in good economics journals are very high, while submission fees and other monetary costs associated with submitting an existing manuscript are low. Consequently, the editorial delay (especially the first response time – the time until the first editorial decision), by postponing monetary rewards to publication, constitutes the major submission cost (from the author’s perspective). Reducing the delay will induce many additional submissions of low-quality papers to good journals, increasing significantly the workload of editors and referees. Moreover, the rejection rate will increase and cause papers to be rejected more times prior to publication, offsetting at least some of the shorter first response times. As a result, the efforts of many editors to reduce the editorial delay, while attracting more submissions to their journals, may have adverse effects from a social perspective, and the optimal delay might be longer than the current average of four months.

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Publisher Info
Paper provided by EconWPA in its series General Economics and Teaching with number 0503013.

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Length: 34 pages
Date of creation: 27 Mar 2005
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Handle: RePEc:wpa:wuwpgt:0503013

Note: Type of Document - pdf; pages: 34
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Related research
Keywords: Review process; refereeing; publishing; academia; research; first response times; academic review process;

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Find related papers by JEL classification:
A19 - General Economics and Teaching - - General Economics - - - Other

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Hamermesh, Daniel S, 1994. "Facts and Myths about Refereeing," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 153-63, Winter. [Downloadable!] (restricted)
  2. Ofer H. Azar, 2005. "The Academic Review Process: How Can We Make it More Efficient?," General Economics and Teaching 0502069, EconWPA. [Downloadable!]
  3. Glenn Ellison, 2000. "The Slowdown of the Economics Publishing Process," NBER Working Papers 7804, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  4. 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. [Downloadable!] (restricted)
  5. 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. [Downloadable!] (restricted)
  6. William Thomson, 2001. "A Guide for the Young Economist," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262700794.
  7. Engers, Maxim & Gans, Joshua S, 1998. "Why Referees Are Not Paid (Enough)," American Economic Review, American Economic Association, vol. 88(5), pages 1341-49, December. [Downloadable!] (restricted)
  8. Renée M. Stulz, 2000. "Report of the Editor for His Tenure and 1999," Journal of Finance, American Finance Association, vol. 55(4), pages 1861-1892, 08. [Downloadable!] (restricted)
  9. Oster, Sharon, 1980. "The Optimal Order for Submitting Manuscripts," American Economic Review, American Economic Association, vol. 70(3), pages 444-48, June.
  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. [Downloadable!] (restricted)
    Other versions:
  11. Daniel S. Hamermesh & Sharon M. Oster, 2002. "Tools or Toys? The Impact of High Technology on Scholarly Productivity," Economic Inquiry, Oxford University Press, vol. 40(4), pages 539-555, October.
    Other versions:
  12. Laband, David N & Piette, Michael J, 1994. "Favoritism versus Search for Good Papers: Empirical Evidence Regarding the Behavior of Journal Editors," Journal of Political Economy, University of Chicago Press, vol. 102(1), pages 194-203, February. [Downloadable!] (restricted)
  13. 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. [Downloadable!] (restricted)
  14. Moore, William J & Newman, Robert J & Turnbull, Geoffrey K, 2001. "Reputational Capital and Academic Pay," Economic Inquiry, Oxford University Press, vol. 39(4), pages 663-71, October.
  15. 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. [Downloadable!] (restricted)
  16. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Glenn Ellison, 2007. "Is Peer Review in Decline?," NBER Working Papers 13272, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Azar, Ofer H., 2002. "The slowdown in first-response times of economics journals: Can it be beneficial?," MPRA Paper 4478, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  3. Ofer H. Azar, 2005. "The Academic Review Process: How Can We Make it More Efficient?," General Economics and Teaching 0502069, EconWPA. [Downloadable!]
  4. Ofer Azar, 2003. "Rejections and the Importance of First Response Times (Or: How Many Rejections Do Others Receive?)," General Economics and Teaching 0309002, EconWPA. [Downloadable!]
  5. Damien Besancenot & Joao Faria & Kim Huynh, 2009. "Congestion in academic journals under an impartial selection process," Working Papers halshs-00382585_v1, HAL. [Downloadable!]
  6. Azar, Ofer H., 2002. "Evolution of social norms with heterogeneous preferences: A general model and an application to the academic review process," MPRA Paper 4482, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  7. Justus Haucap & Tobias Hartwich & André Uhde, 2005. "Besonderheiten und Wettbewerbsprobleme des Marktes für wissenschaftliche Fachzeitschriften," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 74(3), pages 84-107. [Downloadable!] (restricted)
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