Research Assessment Exercise, 2008

In the 2008 Research Assessment Exercise, the Department of Economics at Essex has been ranked as joint third among all departments in the UK for Economics and Econometrics

The Head of Department, Professor Melvyn Coles, comments:

''I am delighted with this outcome, which not only reflects that the department has one of the liveliest research environments in the UK, but also the commitment of Essex staff to undertake original and high quality research.
Being one of only four departments to be awarded the 5* accolade in the previous 2001 RAE, I am confident the department will continue to enhance its reputation as one of the world's leading Economics departments.''
(See below for an explanation of the 2001 RAE.)

The grade point averages are:

• 1 – London School of Economics, 3.55
• 2 – University College London, 3.50
• 3 - University of Essex, 3.35
• 3 - University of Oxford, 3.35
• 3 - University of Warwick, 3.35

The grade point averages are based on the proportions of research at various standards. Here are the results for the proportion of research rated at 3* and 4*:

• 1 – University of Essex, 95%
• 1 – London School of Economics, 95%
• 1 – University College London, 95%
• 1 – University of Oxford, 95%
• 1 – University of Warwick, 95%

Grade 4* research is of ''quality that is world-leading in terms of originality, significance and rigour.''
Grade 3* research is of ''quality that is internationally excellent in terms of originality, significance and rigour but which nonetheless falls short of the highest standards of excellence''.

For grade 4*, alone, the results are:

• 1 – London School of Economics, 60%
• 2 – University College London, 45%
• 3 – University of Essex, 40%
• 3 – University of Oxford, 40%
• 3 – University of Warwick, 40%

All other UK universities were below these values.

The results of the 2008 Research Assessment Exercise (RAE) – which is conducted by the UK government's Higher Education Funding Councils to evaluate the quality of research in about sixty subject areas (based upon academic peer review) – were published on 18th December 2008.

In the 2001 RAE, the the metric was different from, and less detailed, than for 2008. In 2001 the rating was on a scale of 1–5. Essex Economics Department was awarded a 5-star grade for its quality of research (5-star being the highest possible grade).  The Department was one of only four Economics departments to have received the top grade.