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How Should Peer-Review Panels Behave?

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Author Info

  • Sgroi, Daniel

    (Department of Economics, University of Warwick)

  • Oswald, Andrew J.

    (Department of Economics and CAGE Centre, University of Warwick, and IZA Institute, Bonn.)

Abstract

Many governments wish to assess the quality of their universities. A prominent example is the UK’s new Research Excellence Framework (REF) 2014. In the REF, peer-review panels will be provided with information on publications and citations. This paper suggests a way in which panels could choose the weights to attach to these two indicators. The analysis draws in an intuitive way on the concept of Bayesian updating (where citations gradually reveal information about the initially imperfectly-observed importance of the research). Our study should not be interpreted as the argument that only mechanistic measures ought to be used in a REF. JEL classification: I23 ; C11 ; O30

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File URL: http://www2.warwick.ac.uk/fac/soc/economics/research/workingpapers/2012/twerp_999.pdf
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Bibliographic Info

Paper provided by University of Warwick, Department of Economics in its series The Warwick Economics Research Paper Series (TWERPS) with number 999.

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Date of creation: 2012
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Handle: RePEc:wrk:warwec:999

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Related research

Keywords: University evaluation ; RAE Research Assessment Exercise 2008 ; citations ; bibliometrics; REF 2014 (Research Excellence Framework) ; Bayesian methods.;

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References

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  1. Daniel S. Hamermesh & Gerard A. Pfann, 2012. "Reputation And Earnings: The Roles Of Quality And Quantity In Academe," Economic Inquiry, Western Economic Association International, vol. 50(1), pages 1-16, 01.
  2. Taylor, Curtis R, 1999. "Time-on-the-Market as a Sign of Quality," Review of Economic Studies, Wiley Blackwell, vol. 66(3), pages 555-78, July.
  3. Demange, Gabrielle, 2010. "Sharing information in Web communities," Games and Economic Behavior, Elsevier, vol. 68(2), pages 580-601, March.
  4. Paul Collier & Anke Hoeffler, 2004. "Greed and Grievance in Civil War," Development and Comp Systems 0409007, EconWPA.
  5. Oswald, Andrew J., 2009. "A Suggested Method for the Measurement of World-Leading Research (Illustrated with Data on Economics)," IZA Discussion Papers 4313, Institute for the Study of Labor (IZA).
  6. Gill, David & Sgroi, Daniel, 2012. "The optimal choice of pre-launch reviewer," Journal of Economic Theory, Elsevier, vol. 147(3), pages 1247-1260.
  7. Paul Dolan & Daniel Kahneman, 2008. "Interpretations Of Utility And Their Implications For The Valuation Of Health," Economic Journal, Royal Economic Society, vol. 118(525), pages 215-234, 01.
  8. Andrew J. Oswald, 2007. "An Examination of the Reliability of Prestigious Scholarly Journals: Evidence and Implications for Decision-Makers," Economica, London School of Economics and Political Science, vol. 74(293), pages 21-31, 02.
  9. Sofronis Clerides & Panos Pashardes & Alexandros Polycarpou, 2006. "Peer Review vs Metric-Based Assessment: Testing for Bias in the RAE Ratings of UK Economics Departments," University of Cyprus Working Papers in Economics 7-2006, University of Cyprus Department of Economics.
  10. Benjamin Chiao & Josh Lerner & Jean Tirole, 2007. "The rules of standard-setting organizations: an empirical analysis," RAND Journal of Economics, RAND Corporation, vol. 38(4), pages 905-930, December.
  11. JamesR. Lothian & MarkP. Taylor, 2008. "Real Exchange Rates Over the Past Two Centuries: How Important is the Harrod-Balassa-Samuelson Effect?," Economic Journal, Royal Economic Society, vol. 118(532), pages 1742-1763, October.
  12. David Gill & Daniel Sgroi, 2005. "Sequential Decisions with Tests," Economics Series Working Papers 242, University of Oxford, Department of Economics.
  13. Sgroi, D., 2000. "Optimizing Information in the Herd: Guinea Pigs, Profit and Welfare," Economics Papers 2000-w14, Economics Group, Nuffield College, University of Oxford.
  14. Frederic S. Lee, 2007. "The Research Assessment Exercise, the state and the dominance of mainstream economics in British universities," Cambridge Journal of Economics, Oxford University Press, vol. 31(2), pages 309-325, March.
  15. Emmanuel Farhi & Josh Lerner & Jean Tirole, 2005. "Certifying New Technologies," Journal of the European Economic Association, MIT Press, vol. 3(2-3), pages 734-744, 04/05.
  16. Goodall, Amanda H., 2009. "Highly cited leaders and the performance of research universities," Research Policy, Elsevier, vol. 38(7), pages 1079-1092, September.
  17. Franceschet, Massimo & Costantini, Antonio, 2011. "The first Italian research assessment exercise: A bibliometric perspective," Journal of Informetrics, Elsevier, vol. 5(2), pages 275-291.
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Citations

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Cited by:
  1. Graziella Bertocchi & Alfonso Gambardella & Tullio Jappelli & Carmela A. Nappi & Franco Peracchi, 2013. "Bibliometric Evaluation vs. Informed Peer Review: Evidence from Italy," Center for Economic Research (RECent) 093, University of Modena and Reggio E., Dept. of Economics.

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