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Is It Worthwhile to Pay Referees?

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  • Juin‐jen Chang
  • Ching‐chong Lai

Abstract

There are puzzles in refereeing scholarly articles: Why are referees willing to review a paper without payment, and is it worthwhile to pay referees in order to raise the review rate? Two interesting results are found in this article. First, when reviewing services are driven by reciprocity, the equilibrium participation of referees may exhibit the so‐called self‐fulfilling feature. Second, the optimal payment may not be zero if the referee receives the benefit of reputation gained by refereeing an article. In particular, this article will show that those journals whose status quo review rate is lower tend to pay reviewers more while journals whose status quo review rate is higher do not find it worthwhile to pay referees enough. This result implies that, in order to raise its quality, a journal with a low review rate is more likely to adopt a strategy to increase pay and attract a critical mass of referees.

Suggested Citation

  • Juin‐jen Chang & Ching‐chong Lai, 2001. "Is It Worthwhile to Pay Referees?," Southern Economic Journal, John Wiley & Sons, vol. 68(2), pages 457-463, October.
    • Handle: RePEc:wly:soecon:v:68:y:2001:i:2:p:457-463
    DOI: 10.1002/j.2325-8012.2001.tb00430.x
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    References listed on IDEAS

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    1. David N. Laband, 1990. "Is There Value-Added from the Review Process in Economics?: Preliminary Evidence from Authors," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 105(2), pages 341-352.
    2. Daniel S. Hamermesh, 1994. "Facts and Myths about Refereeing," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 153-163, Winter.
    3. Engers, Maxim & Gans, Joshua S, 1998. "Why Referees Are Not Paid (Enough)," American Economic Review, American Economic Association, vol. 88(5), pages 1341-1349, December.
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    Cited by:

    1. Ofer H. Azar, 2006. "The Academic Review Process: How Can We Make it More Efficient?," The American Economist, Sage Publications, vol. 50(1), pages 37-50, March.
    2. Ofer H. Azar, 2007. "The Slowdown In First‐Response Times Of Economics Journals: Can It Be Beneficial?," Economic Inquiry, Western Economic Association International, vol. 45(1), pages 179-187, January.
    3. Canoy Marcel & Veld Daan L. in ’t, 2014. "How to Boost the Production of Free Services: In Search of the Holy Referee Grail," Man and the Economy, De Gruyter, vol. 1(1), pages 79-92, June.
    4. Azar, Ofer H., 2008. "Evolution of social norms with heterogeneous preferences: A general model and an application to the academic review process," Journal of Economic Behavior & Organization, Elsevier, vol. 65(3-4), pages 420-435, March.

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