Abstract:Given a scarcity of journal space, what is the socially optimal rule for whether an empirical finding should be published? Suppose that the goal of publication is to inform the public about a policy-relevant state. Then journals should publish extreme results, meaning ones that move beliefs sufficiently. For specific objectives, the optimal rule can take the form of a one- or a two-sided test comparing a point estimate to the prior mean, with critical values deter- mined by a cost-benefit analysis. An explicit… Show more
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