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Peer Review and Economic Applications of Research

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Peer Review and Economic Applications of Research

When writing an article you intend to publish, it is essential to ensure that the data is accurate and meets the current publishing standards. This ensures the integrity of the data and maintains the standard of published scientific research. The data you publish should advance the current knowledge within that field, so you must do it right.

Peer reviews aid this process through other experts within the field weighing in and checking your work before it is published.

Peer Review Economic, Application, StudySmarterPeer review of work, freepik.com/Freepik

Meaning of peer review

After forming a hypothesis, conducting an experiment, collecting the data and writing the report, a scientist needs someone else to check their report before they push it forwards for publishing.

Peer review is the process of evaluating the work which another person has completed.

Without peer reviews, a scientist could submit a paper for publishing without another person checking their work and making sure it's free of biases and errors.

Although, it's important to remember that peer reviewers are human, too, so sometimes conclusions are not 100 percent correct!

The purpose of peer review is to:

  • Ensure that quality standards have been met, such as content, structure, and grammar checks.
  • Identify any flaws in the work and check for accuracy.
  • Suggest improvements that can be made.
  • Support the creator to develop and improve their quality of work.

Students, colleagues, and professionals can give peer reviews to evaluate various works. This type of review is not just for scientists. You may have checked your friend's work over before they submitted it in school. Similarly, they may have looked into yours. These are both examples of peer review.

In psychology, peer reviews are carried out before a study is published to:

  • Help ensure that the quality of research meets publishing standards.
  • Check for flaws in the research design, including the reliability and validity issues surrounding the research.
  • Ensure that the research meets high standards and can be classified as scientific evidence.

Peer Review and Economic Applications of Research, Accuracy and shooting targets whilst winning arrows, StudySmarterAccuracy and shooting targets whilst winning awards, freepik.com/jcomp

Who carries out a peer review?

Peer reviewing is likely to be completed by another professional with a high level of expertise in the field of work that is being reviewed.

The person reviewing the research in psychology is likely to be from the same experimental field of psychology.

Peer review process

As with all scientific processes, peer reviews also use a systematic approach to ensure the process is reliable and accurate. The process helps keep the scientists on track and consistent across their field of study.

  1. Submission of the article is the first step, in which the author submits the article to a journal or recipient who is reviewing the work.
  2. Checking author guidelines is the process during which the reviewer checks for the correct format, style, and layout. For example, in psychology, articles are likely to be written in APA style, which follows a particular set of rules. Those rules refer to the format, structure, referencing, citing, and organisation.
  3. In the next stage, the reviewer focuses on the originality and content of the article. If they state that the paper does not meet these criteria, it may be rejected.
  4. Next, the reviewer sends out a request for an appropriate professional to review the article. There may be several expert reviewers required to peer-review the article. Often, two are needed.
  5. The appropriate reviewer decides if they will review the article based on their confidence, knowledge, and experience in the research area.
  6. The first read of the article may convey an overall impression. The reviewer will reread the paper until they can address and provide a detailed response to most of the article’s components. At this point, the reviewer can also reject the article.
  7. Another reviewer, usually associated with the journal, collects the reviews from the previous steps. If two peer-reviewers have provided conflicting reviews, the journal may request an extra person to analyse the article.
  8. Finally, the peer-reviewer sends out their responses and comments to the author. This may include feedback, suggestions for improvements and any other necessary guidance relating to the structure and quality of the article.

Review of economic study issues

Policymakers can use information from studies to form decisions about further actions in the economy. False study evaluations could contribute to wrong decisions being made.

For example, an incorrect judgment on unemployment rates may lead to societal changes in how benefits are processed, the amount of minimum wage, and health care ripple effects. It may also lead to public outcry.

It is rare that researchers, studies, or decision-makers have complete information on finances or have considered the advantages of other economic methods before deciding where to use resources.

Studies on mental health and its impact on society are becoming increasingly important, especially with rising mental health concerns.

Decisions made from studies may be biased or conflict with the views of others. Based on study results, you could decide to invest in more expensive healthcare interventions in one area and take funding away from another.

Also, there may be conflicts about where funding for studies should be allocated depending on various economic issues. Decision-makers should prioritise areas that require more research.

Mental health and the economy

Statistics have revealed a growing mental health crisis within western societies. The reason for this is still unknown; some argue that growing awareness of such issues improves and increases diagnosis rates. On the other hand, others blame the unrealistic demands of society.

We know that people suffering from mental illnesses have a direct impact on society.

If a person has depression, they are more likely to take time off work, directly impacting the economy.

Psychology research and treatment plans aid the economy as it helps the person recover from their depression and return to work. This can be seen in therapies such as Cognitive Behavioural Therapy and drugs such as SSRIs (selective serotonin reuptake inhibitors). Research has developed methods of treating mental health issues, which is beneficial for the economy.

Peer review and Economy Applications Research,  Economy being monitored,StudySmarterThe economy being monitored, freepik.com/pchvector

Review of Economics and Statistics acceptance rate

The Review of Economics and Statistics remains one of the core economic journals which provides reliable and credible sources of information relating to economics and statistics.

The economics and statistics acceptance rate refers to the number of articles successfully submitted and published by the journal.

Over the past five years, 29 - 32 percent of papers were rejected by the Review of Economics and Statistics.

For the submitted and peer-reviewed articles, the acceptance rate ranges from 5% - to 8%.

The time to review and decide on the publishing standards averaged 126 days in the past five years. This seems to have been improving over recent years. In 2020, 84 percent of papers received a decision in three months and 99 percent within five months (Review of Economics and Statistics 2021 Annual Report).


Peer Review and Economic Applications of Research - Key takeaways

  • Peer review is the process of evaluating the work which another person has completed. This is usually done by an expert in this field.
  • The purpose of peer review is to ensure that quality standards have been met, such as content, structure, and grammar checks. Peer reviewers identify flaws in the work and check for accuracy, suggest improvements that can be made, and support the creator in developing and improving their work quality.
  • Peer reviews are not 100% reliable, but they are the best method of checking the quality of publishable work through self-regulation.
  • As with all scientific processes, peer reviews also use a systematic approach to ensure the process is reliable and accurate. The process helps keep the scientists on track and consistent across their field of study.
  • Information from studies could be used as additional information to help form decisions about the impact on the economy. False study evaluations could contribute to wrong decisions being made. Studies must be carefully peer-reviewed, so the resulting conclusions are accurate and avoid damaging or inaccurate economic consequences.
  • Psychology research can be beneficial for the economy. Through raising awareness and offering treatments, experts in this field help people suffering from mental illnesses and disorders. This can reduce their time off work which negatively affects the economy.
  • The Review of Economics and Statistics remains one of the core economic journals that provides reliable and credible information relating to economics and statistics.

Frequently Asked Questions about Peer Review and Economic Applications of Research

In research, the purpose of peer review is to evaluate the quality and standards of research before it is published. Peer review helps ensure that information remains accurate, was gathered ethically, and remains a reliable source to contribute to the advancement of knowledge in the field. 

The Review of Economic Studies is peer-reviewed. It remains one of the core economic journals, providing reliable and credible information that has been peer-reviewed.

Peer review may check for validity and reliability within the research, improving both. If flaws are detected, the peer reviewer may suggest changes to the researcher, e.g. adjusting the experimental design. Peer reviews may also detect other study issues, for example, the participants recruited for the experiment. In some cases, researchers may need to alter aspects of their research study to address the issues detected. 

Some examples of applications for the economy are: 

  • Economic quality – Deciding how much of something to buy. For example, how much food to purchase solely for the day. 
  • Budgeting – Deciding how much money to save after being paid. 
  • Time value of money – Deciding the best time to purchase something. E.g paying a bill or buying an item of clothing. 
  • Division of goods – Deciding on the quantity of the things you want to buy based on how much you need and plan to use. For example, whether to buy much fresh fruit on sale which would be suitable for a household of four people or to buy enough just for the two people living in a household. 

The purpose of economic research is to understand how the economy works. Economic research helps you understand financial data and predict the success of businesses or future economies. 

Final Peer Review and Economic Applications of Research Quiz

Question

Q. Peer review ensure that quality standards have been met, such as content, structure, and grammar checks. True or false? 

Show answer

Answer

A. True. 

Show question

Question

Q. Peer review is carried out by the author of the article. True or false? 

Show answer

Answer

A. False. The author writes the article and then the peer-reviewer reviews the article. The peer-reviewer is typically an expert in the field who has the knowledge and ability to be able to review the article.

Show question

Question

Q. The Review of Economic studies is peer reviewed. True or false? 


Show answer

Answer

A. True. The Review of Economic studies remains one of the core economic journals, providing reliable and credible sources of information which have been peer-reviewed before being published. 

Show question

Question

Q. For the Review of Economic studies, how many papers were rejected on average in the past five years?

 • 29% - 32% 

• 34% -37% 

• 14%-19% 


Show answer

Answer

A. 29% - 32% 

Show question

Question

Q. For the Review of Economic studies, the average time taken to review in the past five years averaged at …….. days. 

• 51 days

 • 89 days 

• 126 days 


Show answer

Answer

A. 126 days. This has been seen to improve over recent years. 

Show question

Question

Q. Which of the following statements is true? Peer reviews are used to help: • Ensure that the quality of research meets publishing standards. • Check for flaws in the research design, including the reliability and validity issues surrounding the research conducted. • Ensure that the research meets high-standards and can be classified as scientific evidence. 

• All of the above. 


Show answer

Answer

A. All of the above. 

Show question

Question

Q. Which of the following statements is true? Peer reviews are used to help: • Ensure that the quality of research meets publishing standards. • Check for flaws in the research design, including the reliability and validity issues surrounding the research conducted. • Ensure that the research meets high-standards and can be classified as scientific evidence. 

• All of the above. 


Show answer

Answer

A. All of the above. 

Show question

Question

Q. Which is not an application of economics? 

• Economic quality 

• Budgeting

 • Time value of money

 • Writing articles 


Show answer

Answer

A. Writing articles. This is not an application of economics. 

Show question

Question

Q. What statement best describes acceptance rates? • Journals and peer-reviewers accepting to review and publish a paper because the article meets the publishing criteria. • Accepting that the article should not be published because it does not meet the criteria.

 • Accepting that the journal has approved a certain number of articles. 

Show answer

Answer

A. Journals and peer-reviewers accepting to review and publish a paper because the article meets the publishing criteria. The acceptance rate refers to the number of articles which were successfully submitted and published.

Show question

Question

Which statement is true about the first step of the peer review process? 


Show answer

Answer

A. The article is firstly submitted to the journal. 

Show question

Question

Q. True or false, the purpose of economic research is to aim to understand how economy in 

the world works.



Show answer

Answer

A. True. 

Show question

Question

Q. An example of division of goods is: 

• Saving money each month to save up for something

 • Deciding how much of something to buy 

• Deciding the quantity to purchase based on the quantity needed and which will be used

 • Deciding the best time to purchase something 

Show answer

Answer

A. Deciding the quantity to purchase based on the quantity needed and which will be used 

Show question

Question

Q. Time value of money is deciding the best time to purchase something. E.g paying a bill or buying an item of clothing. True or false? 


Show answer

Answer

A.True. 

Show question

Question

Q. Who is required to complete a peer review? 

  • A person of a certain profession who has the relevant knowledge and expertise which equips them to complete a peer review.

 • A person with little experience in the subject topic of the article but is knowledgeable and has expertise in writing and grammar standards. 

• A person who has at least 40 years of professional experience in the relevant field who also has experience of writing articles. 


Show answer

Answer

A. A person of a certain profession who has the relevant knowledge and expertise which equips them to complete a peer review. 

Show question

Question

Q. How many reviewers typically peer-review an article submitted to a journal? 

• 2 

• 5 

• 1 

Show answer

Answer

A. There may be a certain amount of expert reviewers required to peer-review the article. Often, 2 reviewers are required. However, this is number may be subject to journal. 

Show question

Question

Q. True or false, the reviewer is also able to reject the article for peer review. 


Show answer

Answer

A. True. The reviewer may reject the article depending on how confident they feel to review the topic area, their experience, or whether they feel the article is a poor standard which cannot meet publishing standards following a peer review. 

Show question

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