I think that if peer review were open, rather than constituted by smallish groups of people working in secret, we'd see very different papers published, from very different authors. To this end, "The Andrew W. Mellon Foundation has given New York University Press and MediaCommons a $50,000 grant to take a closer look at open, or peer-to-peer (P2P), review." The money will be used to author a while paper that will take a close, critical look at the idea.
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