The Economics of Computational Reproducibility
55 Pages Posted: 12 Jul 2019 Last revised: 22 Jul 2023
Date Written: July 21, 2023
We investigate why economics displays a relatively low level of computational reproducibility. We first study the benefits and costs of reproducibility for readers, authors, and academic journals. Second, we show that the equilibrium level of reproducibility may be suboptimally low due to three market failures: a competitive bottleneck effect due to the competition between journals to attract authors, the public good dimension of reproducibility, and the positive externalities of reproducibility outside academia. Third, we discuss different policies to address these market failures and move out of a low reproducibility equilibrium. In particular, we show that coordination among journals could reduce by half the cost of verifying the reproducibility of accepted papers.
Keywords: research reproducibility, trust in science, peer-review process, confidential data
JEL Classification: C80, C81, C88
Suggested Citation: Suggested Citation