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Peer Review and Economic Applications of Research

Essentially, peer review is when someone critiques research. Think about when you're completing an assignment; you may ask someone knowledgeable in the field, e.g. a class friend, to give you some constructive feedback. If this process were to be standardised, then this essentially would be the peer review process in psychology. 

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Peer Review and Economic Applications of Research

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Essentially, peer review is when someone critiques research. Think about when you're completing an assignment; you may ask someone knowledgeable in the field, e.g. a class friend, to give you some constructive feedback. If this process were to be standardised, then this essentially would be the peer review process in psychology.

Psychology is an essential discipline as it not only aims to improve quality of life, but it also has economic applications. These critical applications of the research are why the peer review process is needed.

  • We will start by defining the peer review meaning in research.
  • After, we will delve into peer review psychology and answer the question of "why is peer review important?".
  • Then we will describe the peer review process.
  • Moving on, we will explore what is meant by the double-blind peer review.
  • Finally, we will look at the relationship between psychology and the economy.

Meaning of Peer Review

After forming a hypothesis, experimenting, collecting the data and writing the report, a scientist needs an independent professional to check their report before it can be published.

Peer review is the process by which an independent professional, i.e. an expert in the field, checks a researcher's study and their written Scientific Report.

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

Although, it's important to remember that peer reviewers are human, too, so sometimes inaccuracies or mistakes are found!

Why is Peer Review Important?

In psychology, before a study is published, it is peer-reviewed because:

  • Ensure that quality standards have been met, such as content, structure, and grammar checks.
  • Ensure that the research meets high standards and can be classified as scientific evidence.
  • Identify any flaws in the work and check for accuracy, including the reliability and validity issues surrounding the research.
  • 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 before they submitted it to school. Similarly, they may have looked into yours. These are both examples of peer review.

Peer Review Psychology

When we think of psychology, its topic can be sensitive and commonly research issues such as mental health but broader societal issues. These are all essential topics. Imagine if incorrect information or wild claims without evidence are published. It could build on stereotypes, cause more societal problems or negatively impact someone's quality of life.

Therefore, the peer review process in psychology ensures that the research is done using a systematic and standardised procedure. The peer review increases the likelihood of published psychology research to be:

  • Empirical.
  • Objective.
  • Reliable.
  • Valid.

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 fields of study.

  1. Submission of the article is the first step, in which the author submits the article to a journal or recipient responsible for reviewing the work.
  2. The reviewer checks for the correct format, style, and layout by checking author guidelines. For example, articles in psychology are written in APA style. 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. It may be rejected if they state that the paper does not meet these criteria.
  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 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.

Double Blind Peer Review

The blind process in research is also often used in the peer review process.

A single-blind process is when the author's identity is not kept anonymous from the reviewer.

A double-blind peer review process is when the researcher and reviewer are unaware of each other's identity, and its goal is to prevent bias.

As you can probably guess, the double-blind peer review process is desirable as it is more likely to hinder chances of bias than the single-blind process.

Psychology and the Economy

The implications of psychological research on the economy refer to the evidence, and its understanding of psychological research has influenced the economy.

Since we have learned more about how mental health can affect the quality of life of individuals, it has led to the NHS receiving more funding for their psychiatry and mental health divisions.

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 forming wrong decisions.

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.

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.

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 directly impact 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 Depression and return to work. The increased availability of Cognitive Behavioural Therapy and drugs such as SSRIs (selective serotonin reuptake inhibitors) has led to the development of pharmaceutical companies. However, it has led to increased demand for the NHS.

Research has developed methods of treating mental health issues, which benefits the economy.

Peer review and Economy Applications Research,  Economy being monitored,VaiaFig. 1. Psychological research has led to increased and decreased societal financial burdens.


Peer Review and Economic Applications of Research - Key takeaways

  • The meaning of the peer review process is that an independent professional, i.e. an expert in the field, checks a researcher's study and their written Scientific Report.
  • Peer review: psychology increases the chances that published research is of high quality, empirical, objective, reliable and valid.
  • The peer review process consists of six standardised steps.
  • There is a relationship between psychology and the economy.
  • Psychological research has led to increased and decreased societal financial burdens.

Frequently Asked Questions about Peer Review and Economic Applications of Research

Peer review: psychology increases the chances that published research is of high quality, empirical, objective, reliable and valid. 

The Review of Economic Studies is peer-reviewed, like most other research. 

Peer review may check for validity and reliability within the research, improving both. If flaws are detected, the peer reviewer may suggest changes. In some cases, researchers may need to alter aspects of their research study to address the issues seen. 

An example of how psychology research has impacted society economically is since we have learned more about how mental health can affect the quality of life of individuals, it has led to the NHS receiving more funding for their psychiatry and mental health divisions. 

Psychological research has led to increased and decreased societal financial burdens.

Final Peer Review and Economic Applications of Research Quiz

Peer Review and Economic Applications of Research Quiz - Teste dein Wissen

Question

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

Show answer

Answer

True. 

Show question

Question

The author of the article carries out peer review. True or false? 

Show answer

Answer

False. The author writes the article, and then the peer-reviewer reviews the report. The peer-reviewer is typically an expert in the field with the knowledge and ability to check the paper.

Show question

Question

The Review of Economic Studies is peer-reviewed. True or false? 


Show answer

Answer

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

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


Show answer

Answer

29% - 32% 

Show question

Question

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


Show answer

Answer

126 

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...


Show answer

Answer

All of the above

Show question

Question

Which is not an application of economics?


Show answer

Answer

Writing articles

Show question

Question

What statement best describes acceptance rates? 

Show answer

Answer

Journals and peer-reviewers accept to review and publish a paper because the article meets the publishing criteria. 

Show question

Question

What is the first step of the peer review process? 


Show answer

Answer

The article is first submitted to the journal. 

Show question

Question

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

the world works.



Show answer

Answer

True. 

Show question

Question

An example of division of goods is: 

Show answer

Answer

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

Show question

Question

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

True. 

Show question

Question

Who is required to complete a peer review? 

Show answer

Answer

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

Show question

Question

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

Show answer

Answer

2

Show question

Question

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


Show answer

Answer

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

Question

Peer review checks for flaws in the research design, including             and          issues surrounding the research. 

Show answer

Answer

reliability, validity

Show question

Question

How many stages are there in the peer review process? 

Show answer

Answer

8

Show question

Question

Peer reviews use a            approach.

Show answer

Answer

systematic

Show question

Question

What happens if research is identified as unoriginal? 

Show answer

Answer

During the peer review process, the paper will likely be rejected. 

Show question

Question

A  reviewer decides if they will review the article based on their           ,          , and            in the research area.

Show answer

Answer

confidence, knowledge, experience

Show question

Question

What happens if two peer reviewers have conflicting opinions? 

Show answer

Answer

If two peer-reviewers have provided conflicting reviews, the journal may request an extra person to analyse the article.

Show question

Test your knowledge with multiple choice flashcards

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

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

Q. Which of the following statements is true? Peer reviews are used to help...

Next

Flashcards in Peer Review and Economic Applications of Research22

Start learning

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

True. 

The author of the article carries out peer review. True or false? 

False. The author writes the article, and then the peer-reviewer reviews the report. The peer-reviewer is typically an expert in the field with the knowledge and ability to check the paper.

The Review of Economic Studies is peer-reviewed. True or false? 


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. 

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


29% - 32% 

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


126 

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. 


A. All of the above. 

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