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The Perils of Peer Review in Economics and Other Sciences

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  • Folster, S

Abstract

The quality of researcher's work in economics and other sciences is generally evaluated through a system of peer review. In an experimental test it is shown that the peer review system can be very inefficient by creating a bias towards incremental development of existing methods and against exploration of new methods. Previous studies on this issue have put the blame on biases in individual judgement. Here the inefficiency is shown to occur even when researchers are rational and have perfect information as a result of strategic uncertainty about the extent to which other referees reject new methods. The experiment also shows that the bias generated by peer review can be alleviated by shifting some quality evaluation to non-researchers, even if these are poor at discerning quality.

Suggested Citation

  • Folster, S, 1995. "The Perils of Peer Review in Economics and Other Sciences," Journal of Evolutionary Economics, Springer, vol. 5(1), pages 43-57, February.
    • Handle: RePEc:spr:joevec:v:5:y:1995:i:1:p:43-57
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    Cited by:

    1. Chan, Kam C. & Chang, Chih-Hsiang & Chang, Yuanchen, 2015. "The network effects of publishing in finance," The North American Journal of Economics and Finance, Elsevier, vol. 33(C), pages 305-316.
    2. Marshall H. Medoff, 2003. "Editorial Favoritism in Economics?," Southern Economic Journal, John Wiley & Sons, vol. 70(2), pages 425-434, October.
    3. Berg, Nathan & Faria, Joao, 2008. "Negatively correlated author seniority and the number of acknowledged people: Name-recognition as a signal of scientific merit?," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 37(3), pages 1234-1247, June.
    4. Everett, Jeff, 2008. "Editorial proximity equals publication success: A function of rational self-interest or good-faith economy?," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 19(8), pages 1149-1176.

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