Great Expectatrics: Great Papers, Great Journals, Great Econometrics
The paper discusses alternative Research Assessment Measures (RAM), with an emphasis on the Thomson Reuters ISI Web of Science database (hereafter ISI). The various ISI RAM that are calculated annually or updated daily are defined and analysed, including the classic 2-year impact factor (2YIF), 5-year impact factor (5YIF), Immediacy (or zero-year impact factor (0YIF)), Eigenfactor score, Article Influence, C3PO (Citation Performance Per Paper Online), h-index, Zinfluence, and PI-BETA (Papers Ignored - By Even The Authors). The ISI RAM data are analysed for 8 leading econometrics journals and 4 leading statistics journals. The application to econometrics can be used as a template for other areas in economics, for other scientific disciplines, and as a benchmark for newer journals in a range of disciplines. In addition to evaluating high quality research in leading econometrics journals, the paper also compares econometrics and statistics, alternative RAM, highlights the similarities and differences in alternative RAM criteria, finds that several ISI RAM capture similar performance characteristics for the leading econometrics and statistics journals while the new PI-BETA criterion is not highly correlated with any of the other ISI RAM, and hence conveys additional information regarding ISI RAM, highlights major research areas in leading journals in econometrics, and discusses some likely future uses of RAM.