IDEAS home Printed from https://ideas.repec.org/p/uct/uconnp/2007-31.html
   My bibliography  Save this paper

The Economics of Citation

Author

Listed:
  • Jeong-Yoo Kim

    (Kyun Hee University)

  • Insik Min

    (Kyun Hee University)

  • Christian Zimmermann

    (University of Connecticut)

Abstract

In this paper, we study the citation decision of a scientific author. By citing a related work, authors can make their arguments more persuasive. We call this the correlation effect. But if authors cite other work, they may give the impression that they think the cited work is more competent than theirs. We call this the reputation effect. These two effects may be the main sources of citation bias. We empirically show that there is a citation bias in Economics by using data from RePEc. We also report how the citation bias differs across regions (U.S., Europe and Asia).

Suggested Citation

  • Jeong-Yoo Kim & Insik Min & Christian Zimmermann, 2007. "The Economics of Citation," Working papers 2007-31, University of Connecticut, Department of Economics.
    • Handle: RePEc:uct:uconnp:2007-31
    Note: This research was begun when the first author was visiting ISER, Osaka University in the winter of 2005. We are grateful to seminar audiences at the University of Connecticut and participants in the applied microeconomics workshop held at Korea Foundation of Advanced Studies for helpful comments.
    as

    Download full text from publisher

    File URL: https://media.economics.uconn.edu/working/2007-31.pdf
    File Function: Full text
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Christian Zimmermann, 2013. "Academic Rankings with RePEc," Econometrics, MDPI, vol. 1(3), pages 1-32, December.
    2. Bikhchandani, Sushil & Hirshleifer, David & Welch, Ivo, 1992. "A Theory of Fads, Fashion, Custom, and Cultural Change in Informational Cascades," Journal of Political Economy, University of Chicago Press, vol. 100(5), pages 992-1026, October.
    3. Jerry R. Green & Suzanne Scotchmer, 1995. "On the Division of Profit in Sequential Innovation," RAND Journal of Economics, The RAND Corporation, vol. 26(1), pages 20-33, Spring.
    4. Peter Senn, 2005. "Influence and the Referee Process," European Journal of Law and Economics, Springer, vol. 19(2), pages 199-206, April.
    5. Jeong‐Yoo Kim & Jinho Park, 2006. "On Prejudice," Scottish Journal of Political Economy, Scottish Economic Society, vol. 53(4), pages 505-522, September.
    6. Wright, Malcolm & Armstrong, J. Scott, 2007. "Verification of Citations: Fawlty Towers of Knowledge?," MPRA Paper 4149, University Library of Munich, Germany.
    7. Trueman, Brett, 1994. "Analyst Forecasts and Herding Behavior," The Review of Financial Studies, Society for Financial Studies, vol. 7(1), pages 97-124.
    8. Stigler, George J & Friedland, Claire, 1975. "The Citation Practices of Doctorates in Economics," Journal of Political Economy, University of Chicago Press, vol. 83(3), pages 477-507, June.
    9. Abhijit V. Banerjee, 1992. "A Simple Model of Herd Behavior," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 107(3), pages 797-817.
    Full references (including those not matched with items on IDEAS)

    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Economics of Citation
      by Amol Agrawal in Mostly Economics on 2008-08-25 17:22:53

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. David L. Anderson & John Tressler, 2017. "Researcher rank stability across alternative output measurement schemes in the context of a time limited research evaluation: the New Zealand case," Applied Economics, Taylor & Francis Journals, vol. 49(45), pages 4542-4553, September.
    2. Arye L. Hillman & Heinrich W. Ursprung, 2016. "Academic exclusion: some experiences," Public Choice, Springer, vol. 167(1), pages 1-20, April.
    3. David L. Anderson & John Tressler, 2013. "The Relevance of the “h-” and “g-” Index to Economics in the Context of A Nation-Wide Research Evaluation Scheme: The New Zealand Case," Economic Papers, The Economic Society of Australia, vol. 32(1), pages 81-94, March.
    4. Shi Young Lee & Sanghack Lee & Sung Hee Jun, 2010. "Author and article characteristics, journal quality and citation in economic research," Applied Economics Letters, Taylor & Francis Journals, vol. 17(17), pages 1697-1701.
    5. Tol, Richard S.J., 2013. "The Matthew effect for cohorts of economists," Journal of Informetrics, Elsevier, vol. 7(2), pages 522-527.
    6. Arye Hillman & Ngo Van Long, 2017. "The social cost of contestable benefits," CIRANO Working Papers 2017s-11, CIRANO.
    7. Ferda, HALICIOGLU, 2014. "Research Ranking Place of Turkish Economists in the World," MPRA Paper 54058, University Library of Munich, Germany.
    8. David Anderson & John Tressler, 2018. "The Impact of Citation Timing: A Framework and Examples," Review of Economics and Institutions, Università di Perugia, vol. 9(2).
    9. Arye L. Hillman & Ngo Van Long, 2017. "Rent Seeking: The Social Cost of Contestable Benefits," CESifo Working Paper Series 6462, CESifo.
    10. François Larmande & Jean-Pierre Ponssard, 2004. "EVA and the Controllability-congruence Trade-off: An Empirical Investigation," CESifo Working Paper Series 1257, CESifo.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. I. Koetsier & J.A. Bikker, 2017. "Herding behaviour of Dutch pension funds in sovereign bond investments," Working Papers 17-15, Utrecht School of Economics.
    2. Levy, Gilat, 2004. "Anti-herding and strategic consultation," European Economic Review, Elsevier, vol. 48(3), pages 503-525, June.
    3. Arjoon, Vaalmikki & Bhatnagar, Chandra Shekhar & Ramlakhan, Prakash, 2020. "Herding in the Singapore stock Exchange," Journal of Economics and Business, Elsevier, vol. 109(C).
    4. Clarke, Jonathan & Subramanian, Ajay, 2006. "Dynamic forecasting behavior by analysts: Theory and evidence," Journal of Financial Economics, Elsevier, vol. 80(1), pages 81-113, April.
    5. Kapetanios, George & Mitchell, James & Shin, Yongcheol, 2014. "A nonlinear panel data model of cross-sectional dependence," Journal of Econometrics, Elsevier, vol. 179(2), pages 134-157.
    6. Bizer, Kilian & Meub, Lukas & Proeger, Till & Spiwoks, Markus, 2014. "Strategic coordination in forecasting: An experimental study," University of Göttingen Working Papers in Economics 195, University of Goettingen, Department of Economics.
    7. Cai, Fang & Han, Song & Li, Dan & Li, Yi, 2019. "Institutional herding and its price impact: Evidence from the corporate bond market," Journal of Financial Economics, Elsevier, vol. 131(1), pages 139-167.
    8. Ottaviani, Marco & Sorensen, Peter, 2001. "Information aggregation in debate: who should speak first?," Journal of Public Economics, Elsevier, vol. 81(3), pages 393-421, September.
    9. Galariotis, Emilios C. & Rong, Wu & Spyrou, Spyros I., 2015. "Herding on fundamental information: A comparative study," Journal of Banking & Finance, Elsevier, vol. 50(C), pages 589-598.
    10. Wang, Hu & Li, Shouwei & Ma, Yuyin, 2021. "Herding in Open-end Funds: Evidence from China," The North American Journal of Economics and Finance, Elsevier, vol. 57(C).
    11. Deng, Xin & Hung, Shengmin & Qiao, Zheng, 2018. "Mutual fund herding and stock price crashes," Journal of Banking & Finance, Elsevier, vol. 94(C), pages 166-184.
    12. Cen, Ling & Chang, Yuk Ying & Dasgupta, Sudipto, 2022. "Do Analysts Learn from Each Other? Evidence from Analysts’ Location Diversity," CEPR Discussion Papers 15057, C.E.P.R. Discussion Papers.
    13. Ottaviani, Marco & Sorensen, Peter Norman, 2006. "The strategy of professional forecasting," Journal of Financial Economics, Elsevier, vol. 81(2), pages 441-466, August.
    14. Peter Sorensen & Marco Ottaviani, 2000. "Herd Behavior and Investment: Comment," American Economic Review, American Economic Association, vol. 90(3), pages 695-704, June.
    15. Kargin, Vladislav, 2003. "Prevention of herding by experts," Economics Letters, Elsevier, vol. 78(3), pages 401-407, March.
    16. Nerissa C. Brown & Kelsey D. Wei & Russ Wermers, 2014. "Analyst Recommendations, Mutual Fund Herding, and Overreaction in Stock Prices," Management Science, INFORMS, vol. 60(1), pages 1-20, January.
    17. Camara, Omar, 2017. "Industry herd behaviour in financing decision making," Journal of Economics and Business, Elsevier, vol. 94(C), pages 32-42.
    18. Marinovic, Iván & Ottaviani, Marco & Sorensen, Peter, 2013. "Forecasters’ Objectives and Strategies," Handbook of Economic Forecasting, in: G. Elliott & C. Granger & A. Timmermann (ed.), Handbook of Economic Forecasting, edition 1, volume 2, chapter 0, pages 690-720, Elsevier.
    19. Gumbel, Alexander, 2005. "Herding in delegated portfolio management: When is comparative performance information desirable?," European Economic Review, Elsevier, vol. 49(3), pages 599-626, April.
    20. Caglayan, Mustafa & Talavera, Oleksandr & Zhang, Wei, 2021. "Herding behaviour in P2P lending markets," Journal of Empirical Finance, Elsevier, vol. 63(C), pages 27-41.

    More about this item

    Keywords

    citation bias; correlation effect; reputation effect; signal; strategy; RePEc;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

    NEP fields

    This paper has been announced in the following NEP Reports:

    Lists

    This item is featured on the following reading lists, Wikipedia, or ReplicationWiki pages:
    1. Papers using RePEc data

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:uct:uconnp:2007-31. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Mark McConnel (email available below). General contact details of provider: https://edirc.repec.org/data/deuctus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.