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An auction market for journal articles

  • Jens Prüfer
  • David Zetland

    ()

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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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
Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=100332

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  1. Klemperer, Paul, 1999. "Auction Theory: a Guide to the Literature," CEPR Discussion Papers 2163, C.E.P.R. Discussion Papers.
  2. Oswald, Andrew J., 2006. "An Examination of the Reliability of Prestigious Scholarly Journals: Evidence and Implications for Decision-makers," IZA Discussion Papers 2070, Institute for the Study of Labor (IZA).
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  5. Klemperer, Paul, 2000. "What Really Matters in Auction Design," CEPR Discussion Papers 2581, C.E.P.R. Discussion Papers.
  6. 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.
  7. Tim Besley & Maitreesh Ghatak, 2005. "Competition and incentives with motivated agents," LSE Research Online Documents on Economics 928, London School of Economics and Political Science, LSE Library.
  8. Ted Bergstrom, 2001. "Free Labor for Costly Journals?," Microeconomics 0106002, EconWPA.
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  13. Mailath, George J. & Samuelson, Larry, 2006. "Repeated Games and Reputations: Long-Run Relationships," OUP Catalogue, Oxford University Press, number 9780195300796, March.
  14. 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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  16. 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.
  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.
  18. Oster, Sharon, 1980. "The Optimal Order for Submitting Manuscripts," American Economic Review, American Economic Association, vol. 70(3), pages 444-48, June.
  19. Daniel S. Hamermesh, 1994. "Facts and Myths about Refereeing," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 153-163, Winter.
  20. Milgrom, Paul, 1989. "Auctions and Bidding: A Primer," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 3-22, Summer.
  21. 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.
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