nep-sog New Economics Papers
on Sociology of Economics
Issue of 2012‒11‒11
two papers chosen by
Jonas Holmström
Swedish School of Economics and Business Administration

  1. Fame and the Fortune of Academic Economists: How the Market Rewards Influential Research in Economics By Hilmer, Christiana E.; Hilmer, Michael J.; Ransom, Michael R.
  2. How Should Peer-Review Panels Behave? By Sgroi, Daniel; Oswald, Andrew J.

  1. By: Hilmer, Christiana E. (San Diego State University, California); Hilmer, Michael J. (San Diego State University, California); Ransom, Michael R. (Brigham Young University)
    Abstract: We analyze the pay and position of 1,009 faculty members who teach in doctoral-granting economics departments at fifty-three large public universities in the United States. Using the Web of Science, we have identified the journal articles published by these scholars and the number of times each of these articles has been subsequently cited in published research articles. We find that research influence, as measured by various measures of total citations, is a surprisingly strong predictor of the salary and the prestige of the department in which professors are employed. We also examine how coauthorship is rewarded by the market.
    Keywords: academic labor markets, professor's salaries
    JEL: J31 J44
    Date: 2012–10
  2. By: 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
    Keywords: University evaluation ; RAE Research Assessment Exercise 2008 ; citations ; bibliometrics; REF 2014 (Research Excellence Framework) ; Bayesian methods.
    Date: 2012

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