Measuring the Value of Research: A Generational Accounting Approach
This paper proposes a generational accounting approach to valuating research. Based on the flow of scientific results, a value-added (VA) index is developed that can, in principle, be used to assign a monetary value to any research result and, by aggregation, on entire academic disciplines or sub-disciplines. The VA-index distributes the value of all applications that embody research to the works of research which the applications directly rely on, and further to the works of research of previous generations which the authors of the immediate reference sources have directly or indirectly made use of. The major contribution of the VA index is to provide a measure of the value of research that is comparable across academic disciplines. To illustrate how the generational accounting approach works, I present a VAbased journal rating and a rating of the most influential recent journal articles in the field of economics.
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- Ignacio Palacios-Huerta & Oscar Volij, 2004.
"The Measurement of Intellectual Influence,"
Econometric Society, vol. 72(3), pages 963-977, 05.
- Ignacio Palacios-Huerta & Oscar Volij, 2002. "The Measurement of Intellectual Influence," Economic theory and game theory 015, Oscar Volij.
- Volij, Oscar & Palacios-Huerta, Ignacio, 2004. "The Measurment of Intellectual Influence," Staff General Research Papers 10797, Iowa State University, Department of Economics.
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