Congestion on the Information Superhighway: Does Economics Have a Working Papers Problem?

Publishing takes a long time in economics. Consequently, many authors release “working” versions of their papers. Using data on the NBER working paper series, we show that the dissemination of economics research suffers from an overcrowding problem: An increase in the number of weekly released working papers on average reduces downloads, abstract views, and media attention for each paper. Subsequent publishing and citation outcomes are harmed as well. Furthermore, descriptive evidence on viewership and downloads suggests working papers significantly substitute for the dissemination function of publication. These results highlight inefficiencies in the dissemination of economic research even among the most exclusive working paper series and suggest large social losses due to the slow publication process.