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How Should Peer-Review Panels Behave?

  • Sgroi, Daniel

    ()

    (University of Warwick)

  • Oswald, Andrew J.

    ()

    (University of Warwick)

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.

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File URL: http://ftp.iza.org/dp7024.pdf
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Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 7024.

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Length: 37 pages
Date of creation: Nov 2012
Date of revision:
Publication status: published in: Economic Journal, 2013, 123 (570), F255-F278
Handle: RePEc:iza:izadps:dp7024
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  1. 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.
  2. Chiao, Benjamin & Lerner, Josh & Tirole, Jean, 2007. "The Rules of Standard Setting Organizations: An Empirical Analysis," CEPR Discussion Papers 6141, C.E.P.R. Discussion Papers.
  3. 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).
  4. Sgroi, Daniel, 2002. "Optimizing Information in the Herd: Guinea Pigs, Profits, and Welfare," Games and Economic Behavior, Elsevier, vol. 39(1), pages 137-166, April.
  5. 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.
  6. Collier, Paul & Hoeffler, Anke, 2000. "Greed and grievance in civil war," Policy Research Working Paper Series 2355, The World Bank.
  7. 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.
  8. Goodall, Amanda H., 2009. "Highly cited leaders and the performance of research universities," Research Policy, Elsevier, vol. 38(7), pages 1079-1092, September.
  9. David Gill & Daniel Sgroi, 2011. "The Optimal Choice of Pre-Launch Reviewer," Economics Series Working Papers 562, University of Oxford, Department of Economics.
  10. Sofronis Clerides & Panos Pashardes & Alexandros Polycarpou, 2011. "Peer Review vs Metric‐based Assessment: Testing for Bias in the RAE Ratings of UK Economics Departments," Economica, London School of Economics and Political Science, vol. 78(311), pages 565-583, 07.
  11. Franceschet, Massimo & Costantini, Antonio, 2011. "The first Italian research assessment exercise: A bibliometric perspective," Journal of Informetrics, Elsevier, vol. 5(2), pages 275-291.
  12. David Gill & Daniel Sgroi, 2005. "Sequential Decisions with Tests," Economics Series Working Papers 242, University of Oxford, Department of Economics.
  13. 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.
  14. Gabrielle Demange, 2009. "Sharing information in web communities," PSE Working Papers halshs-00586656, HAL.
  15. 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).
  16. 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.
  17. 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.
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