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The Distribution of Article Quality and Inefficiencies in the Market for Scientific Journals

We build an oligopoly model of the market of scientific journals that allows us to relate the (in-)efficiency of this market to the exogenous distribution of article quality. Journal quality is endogenously determined by the submission choices of scientists. The efficiency of any stable equilibrium depends crucially on the exogenous distribution of article quality, especially on the fatness of the upper tail. For the empirically plausible Pareto distribution the market is inefficient even in the limit as the number of publishers tends to infinity.