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Fame and the fortune of academic economists: How the market rewards influential research in economics

Published on Oct 1, 2015in Southern Economic Journal0.828
· DOI :10.1002/soej.12037
Michael J. Hilmer8
Estimated H-index: 8
(SDSU: San Diego State University),
Michael R. Ransom23
Estimated H-index: 23
(BYU: Brigham Young University),
Christiana E. Hilmer6
Estimated H-index: 6
(SDSU: San Diego State University)
Sources
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.
  • References (23)
  • Citations (23)
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#1Glenn Ellison (MIT: Massachusetts Institute of Technology)H-Index: 36
A large literature following Hirsch (2005) has proposed citation-based indexes that could be used to rank academics. This paper examines how well several such indexes match labor market outcomes using data on the citation records of young tenured economists at 25 U.S. departments. Variants of Hirsch’s index that emphasize smaller numbers of highly-cited papers perform better than Hirsch’s original index and have substantial power to explain which economists are tenured at which departments. Adju...
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#1Daniel S. Hamermesh (University of Texas at Austin)H-Index: 54
#2Gerard A. Pfann (UM: Maastricht University)H-Index: 20
We examine the determinants of professional reputation. Does quantity of exposures raise reputation independent of quality? Does quality of the most important exposure have extra effects on reputation? In a very large sample of academic economists, there is little evidence that a scholar's most influential work provides any extra enhancement of reputation. Quality rankings matter more than absolute quality. Quantity has a zero or even negative effect on proxies for reputation. Data on salaries, ...
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#1Michael J. Hilmer (SDSU: San Diego State University)H-Index: 8
#2Christiana E. Hilmer (SDSU: San Diego State University)H-Index: 6
We analyze a unique data set containing annual salary and detailed job and publication histories for a sample of 1,009 faculty members drawn from 53 public Ph.D.-granting economics departments. Empirical results suggest that all else equal: (1) statistically significant negative returns to seniority exist within lower-ranked but not top 15 programs; (2) more frequent movers observe statistically higher annual salaries in lower-ranked but not top 15 programs; and (3) for each level of seniority, ...
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#1Bernt BratsbergH-Index: 23
#2James F. Ragan (KSU: Kansas State University)H-Index: 2
Last. John T. Warren (KSU: Kansas State University)H-Index: 3
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"We track faculty for 30 yr at five PhD-granting departments of economics. Two-thirds of faculty who take alternative employment move downward; less than one-quarter moves upward. We find a substantial penalty for seniority, even after richly controlling for faculty productivity, and the penalty is little changed when we allow wages and returns to seniority to differ by mobility status. Faculty who end up moving to better or comparable positions were penalized as severely for seniority while the...
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Recent research has suggested that the long-observed negative association between seniority and pay among college faculty largely reflects below-average research productivity of senior faculty—a possibility that most earlier studies did not examine. Overlooked in both waves of studies, however, is match quality. Because the higher quality of the faculty/institutional match implied by higher seniority should, all else equal, result in higher salaries, failure to account for match quality inflat...
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Abstract The present research reveals that academic papers published at year-end on average receive systematically fewer citations than papers published at other times in the year. Using more than 200,000 papers in economics published between 1956 and 2010, the results of our analysis show that papers published between October and December on average get as much as 18.5% fewer citations than those published in the other months in the year. We refer to this phenomenon as the citation trap as ther...
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