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Measuring the Value of Research: A Generational Accounting Approach

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  • Robert Hofmeister

    () (Department of Economics, University of Konstanz, Germany)

Abstract

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.

Suggested Citation

  • Robert Hofmeister, 2011. "Measuring the Value of Research: A Generational Accounting Approach," Working Paper Series of the Department of Economics, University of Konstanz 2011-07, Department of Economics, University of Konstanz.
    • Handle: RePEc:knz:dpteco:1107
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    File URL: http://www.uni-konstanz.de/FuF/wiwi/workingpaperseries/WP_7-11-Hofmeister.pdf
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    References listed on IDEAS

    as
    1. Ignacio Palacios-Huerta & Oscar Volij, 2004. "The Measurement of Intellectual Influence," Econometrica, Econometric Society, vol. 72(3), pages 963-977, May.
    2. László Á. Kóczy & Martin Strobel, 2010. "The World Cup of Economics Journals: A Ranking by a Tournament Method," Working Paper Series 1011, Óbuda University, Keleti Faculty of Business and Management.
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. What is the value of research?
      by Economic Logician in Economic Logic on 2011-06-10 19:39:00

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    Cited by:

    1. Amavilah, Voxi Heinrich, 2011. "The Full Value of the Nobel Prize - Part 1: Mining “Data Without Theory”," MPRA Paper 33483, University Library of Munich, Germany.

    More about this item

    Keywords

    Research evaluation; research accounting; journal ranking; citations;

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics
    • I23 - Health, Education, and Welfare - - Education - - - Higher Education; Research Institutions

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