Up or Out: Resetting Norms for Peer Reviewed Publishing in the Social Sciences
15 Pages Posted: 15 Dec 2020
Campbell R. Harvey
Duke University - Fuqua School of Business; National Bureau of Economic Research (NBER)
David A. Hirshleifer
Marshall School of Business, USC; National Bureau of Economic Research (NBER)
Date Written: December 7, 2020
Abstract
The peer review process typically has multiple evaluators. Too often editors rely on the Union Heuristic, which requires authors to perform all requested tests and extensions suggested by referees and editors, with results confirming the paper’s message. The Union Heuristic is easy, but has dysfunctional consequences—wasteful efforts on excessive empirical and theoretical robustness checks and extensions, slow publication times, bloated papers, and heavy use of referee time. We contrast this with the polar opposite (also not our recommendation), the Intersection Heuristic—requiring authors to perform only extensions requested by all evaluators. We propose that editors reset norms by making clear that as a matter of procedure, at editor discretion, excellent referee or coeditor suggestions will often not be mandated for authors. Instead, there should be a presumption of Up or Out (accept or reject typically one round of revisions or less) for submissions, with the extent of suggested changes held firmly in check. This will improve referee and author incentives, and streamline the publication process. It may also encourage authors to take the risks inherent in producing more innovative papers.
Keywords: Editing, Editorial process, Peer review, Research, Academic publishing, Innovation, Turnaround time, Refereeing, Union Heuristic, Intersection Heuristic, Up-or-out
JEL Classification: A1, A2, A3, B00, C00, D00, E00, F00, G00, H00, I00, J00, K00, L00, M00, N00, O1, O2, O3, O4, O5, P00
Suggested Citation: Suggested Citation
Campbell R. Harvey

Duke University - Fuqua School of Business ( email )
Box 90120
Durham, NC 27708-0120
United States
919-660-7768 (Phone)
HOME PAGE: http://www.duke.edu/~charvey
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
David A. Hirshleifer (Contact Author)
Marshall School of Business, USC ( email )
Marshall School of Business
Los Angeles, CA 90089
United States
HOME PAGE: http://https://sites.uci.edu/dhirshle/
National Bureau of Economic Research (NBER) ( email )
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Do you have a job opening that you would like to promote on SSRN?
Related eJournals
-
Social Sciences Education eJournal
Social Sciences Education eJournal
Subscribe to this fee journal for more curated articles on this topic
FOLLOWERS10,325PAPERS22,537 -
Behavioral & Experimental Finance (Editor's Choice) eJournal
Behavioral & Experimental Finance (Editor's Choice) eJournal
Subscribe to this free journal for more curated articles on this topic
FOLLOWERS4,188PAPERS4,339This Journal is curated by:Victor Ricciardi at Tennessee Tech University -
Behavioral & Experimental Finance eJournal
Behavioral & Experimental Finance eJournal
Subscribe to this free journal for more curated articles on this topic
FOLLOWERS3,670PAPERS16,270This Journal is curated by:Victor Ricciardi at Tennessee Tech University -
Financial Accounting eJournal
Subscribe to this fee journal for more curated articles on this topic
FOLLOWERS3,518PAPERS18,038This Journal is curated by:Ross L. Watts at Massachusetts Institute of Technology (MIT) - Sloan School of Management -
Corporate Finance: Governance, Corporate Control & Organization eJournal
Corporate Finance: Governance, Corporate Control & Organization eJournal
Subscribe to this fee journal for more curated articles on this topic
FOLLOWERS3,266PAPERS32,198This Journal is curated by:René M. Stulz at Ohio State University (OSU) - Department of Finance -
Capital Markets: Asset Pricing & Valuation eJournal
Capital Markets: Asset Pricing & Valuation eJournal
Subscribe to this fee journal for more curated articles on this topic
FOLLOWERS3,033PAPERS31,399 -
Capital Markets: Market Efficiency eJournal
Capital Markets: Market Efficiency eJournal
Subscribe to this fee journal for more curated articles on this topic
FOLLOWERS2,932PAPERS22,097 -
Corporate Finance: Capital Structure & Payout Policies eJournal
Corporate Finance: Capital Structure & Payout Policies eJournal
Subscribe to this fee journal for more curated articles on this topic
FOLLOWERS2,649PAPERS14,167This Journal is curated by:René M. Stulz at Ohio State University (OSU) - Department of Finance -
Capital Markets: Market Microstructure eJournal
Capital Markets: Market Microstructure eJournal
Subscribe to this fee journal for more curated articles on this topic
FOLLOWERS2,426PAPERS7,661 -
Banking & Insurance eJournal
Subscribe to this fee journal for more curated articles on this topic
FOLLOWERS1,767PAPERS30,258This Journal is curated by:René M. Stulz at Ohio State University (OSU) - Department of Finance -
Macroeconomics: Prices, Business Fluctuations, & Cycles eJournal
Macroeconomics: Prices, Business Fluctuations, & Cycles eJournal
Subscribe to this fee journal for more curated articles on this topic
FOLLOWERS1,534PAPERS14,673 -
Corporate Governance & Finance eJournal
Corporate Governance & Finance eJournal
Subscribe to this fee journal for more curated articles on this topic
FOLLOWERS1,490PAPERS14,553This Journal is curated by:Lucian A. Bebchuk at Harvard Law School -
Cognitive Social Science eJournal
Cognitive Social Science eJournal
Subscribe to this fee journal for more curated articles on this topic
FOLLOWERS1,259PAPERS11,572This Journal is curated by:Mark B. Turner at Case Western Reserve University - Department of Cognitive Science -
Corporate Governance & Law eJournal
Corporate Governance & Law eJournal
Subscribe to this fee journal for more curated articles on this topic
FOLLOWERS1,108PAPERS10,367This Journal is curated by:Lucian A. Bebchuk at Harvard Law School -
IO: Productivity, Innovation & Technology eJournal
IO: Productivity, Innovation & Technology eJournal
Subscribe to this fee journal for more curated articles on this topic
FOLLOWERS1,063PAPERS27,995 -
International Finance eJournal
International Finance eJournal
Subscribe to this fee journal for more curated articles on this topic
FOLLOWERS990PAPERS24,047 -
Behavioral & Experimental Economics eJournal
Behavioral & Experimental Economics eJournal
Subscribe to this fee journal for more curated articles on this topic
FOLLOWERS951PAPERS18,070This Journal is curated by:Victor Ricciardi at Tennessee Tech University -
Labor: Human Capital eJournal
Subscribe to this fee journal for more curated articles on this topic
FOLLOWERS854PAPERS19,083 -
Microeconomics: Asymmetric & Private Information eJournal
Microeconomics: Asymmetric & Private Information eJournal
Subscribe to this fee journal for more curated articles on this topic
FOLLOWERS853PAPERS9,198 -
Urban Economics & Regional Studies eJournal
Urban Economics & Regional Studies eJournal
Subscribe to this fee journal for more curated articles on this topic
FOLLOWERS729PAPERS21,261 -
International Trade eJournal
Subscribe to this fee journal for more curated articles on this topic
FOLLOWERS720PAPERS26,647 -
Labor: Personnel Economics eJournal
Labor: Personnel Economics eJournal
Subscribe to this fee journal for more curated articles on this topic
FOLLOWERS670PAPERS13,194 -
Econometric Modeling: Macroeconomics eJournal
Econometric Modeling: Macroeconomics eJournal
Subscribe to this fee journal for more curated articles on this topic
FOLLOWERS656PAPERS15,480 -
Econometric Modeling: Capital Markets - Asset Pricing eJournal
Econometric Modeling: Capital Markets - Asset Pricing eJournal
Subscribe to this fee journal for more curated articles on this topic
FOLLOWERS648PAPERS9,400 -
Health Economics eJournal
Subscribe to this fee journal for more curated articles on this topic
FOLLOWERS615PAPERS17,567 -
Development Economics: Macroeconomic Issues in Developing Economies eJournal
Development Economics: Macroeconomic Issues in Developing Economies eJournal
Subscribe to this fee journal for more curated articles on this topic
FOLLOWERS608PAPERS25,263 -
Microeconomics: Intertemporal Consumer Choice & Savings eJournal
Microeconomics: Intertemporal Consumer Choice & Savings eJournal
Subscribe to this fee journal for more curated articles on this topic
FOLLOWERS592PAPERS7,509 -
Agricultural & Natural Resource Economics eJournal
Agricultural & Natural Resource Economics eJournal
Subscribe to this fee journal for more curated articles on this topic
FOLLOWERS524PAPERS19,868 -
Monetary Economics: International Financial Flows, Financial Crises, Regulation & Supervision eJournal
Subscribe to this fee journal for more curated articles on this topic
FOLLOWERS499PAPERS6,597 -
Political Institutions: Bureaucracies & Public Administration eJournal
Political Institutions: Bureaucracies & Public Administration eJournal
Subscribe to this fee journal for more curated articles on this topic
FOLLOWERS446PAPERS10,666This Journal is curated by:Chris Den Hartog at California State Polytechnic University, San Luis Obispo -
Innovation Educator: Courses, Cases & Teaching eJournal
Innovation Educator: Courses, Cases & Teaching eJournal
Subscribe to this fee journal for more curated articles on this topic
FOLLOWERS261PAPERS2,408 -
Psychology Research Methods eJournal
Psychology Research Methods eJournal
Subscribe to this fee journal for more curated articles on this topic
FOLLOWERS78PAPERS6,947 -
Political Economy - Development: Domestic Development Strategies eJournal
Political Economy - Development: Domestic Development Strategies eJournal
Subscribe to this fee journal for more curated articles on this topic
FOLLOWERS58PAPERS24,355