We formulate one methodology to put a value or price on knowledge , using well accepted techniques from finance. We then apply this valuation to the decision problem of selecting papers for publication from an overall pool of submissions. Our initial analysis shows that one of the better solutions, we can accomplish with regards to the creation and dissemination of knowledge, might be described by the prescription, "Don't Simply Optimize, Also Randomize; best described by the term - Randoptimization". We specifically show that the best decision we can make, with regards to the selection of articles by journals, requires us to formulate a cutoff point, or, a region of optimal performance and randomly select from within that region of better results. The policy implication (for all fields) is to randomly select papers, based on publication limitations (journal space, reviewer load etc.) from an overall pool of submissions, that have a single shred of knowledge (or one unique idea) and have the editors and reviewers coach the authors to ensure a better final outcome .
We formulate one methodology to put a value or price on knowledge using well accepted techniques from finance. We provide justifications for these finance principles based on the limitations of the physical world we live in. To the best of our knowledge this is the first recorded attempt to put a numerical value on knowledge. The implications of this valuation exercise, which places a high premium on any piece of knowledge, are to ensure that participants in any knowledge system are better trained to notice the knowledge available from any source. Just because someone does not see a connection, does not mean that there is no connection. We need to try harder and be more open to acknowledging the smallest piece of new knowledge that might have been brought to light by anyone from anywhere about anything .
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then apply this valuation to the decision problem of selecting papers for publication from an overall pool of submissions. Our initial analysis shows that one of the better solutions, we can accomplish with regards to the creation and dissemination of knowledge, might be described by the prescription, "Don't Simply Optimize, Also Randomize; best described by the term - Randoptimization". We specifically show that the best decision we can make, with regards to the selection of articles by journals, requires us to formulate a cutoff point, or, a region of optimal performance and randomly select from within that region of better results. The policy implication (for all fields) is to randomly select papers, based on publication limitations (journal space, reviewer load etc.) from an overall pool of submissions, that have a single shred of knowledge (or one unique idea) and have the editors and reviewers coach the authors to ensure a better final outcome
provide justifications for these finance principles based on the limitations of the physical world we live in. To the best of our knowledge this is the first recorded attempt to put a numerical value on knowledge. The implications of this valuation exercise, which places a high premium on any piece of knowledge, are to ensure that participants in any knowledge system are better trained to notice the knowledge available from any source. Just because someone does not see a connection, does not mean that there is no connection. We need to try harder and be more open to acknowledging the smallest piece of new knowledge that might have been brought to light by anyone from anywhere about anything