Investopedia explains 'Peer Review'
Peer review is sometimes criticized where reviewers are perceived to be unfair in their assessments. Since review is most often anonymous, there is little accountability for reviewers. This can lead to problems where, for instance, reviewers may be biased against work which is not in accordance with mainstream theory.
In addition, peer review is often a slow process. Reviewing work does not bring prestige in the way that generating new research does. Thus, reviewing others' work is often a lower priority. Since peer review often goes through several rounds, it may take months or years to complete the process.
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