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We introduce a new survey of professors at roughly 150 of the mostresearch-intensive institutions of higher education in the US. We documentseven new features of how research-active professors are compensated, how theyspend their time, and how they perceive their research pursuits: (1) there ismore inequality in earnings within fields than there is across fields; (2)institutions, ranks, tasks, and sources of earnings can account for roughlyhalf of the total variation in earnings; (3) there is significant variationacross fields in the correlations between earnings and different kinds ofresearch output, but these account for a small amount of earnings variation;(4) measuring professors' productivity in terms of output-per-year versusoutput-per-research-hour can yield substantial differences; (5) professors'beliefs about the riskiness of their research are best predicted by theirfundraising intensity, their risk-aversion in their personal lives, and thedegree to which their research involves generating new hypotheses; (6) olderand younger professors have very different research outputs and timeallocations, but their intended audiences are quite similar; (7) personalrisk-taking is highly predictive of professors' orientation towards applied,commercially-relevant research.

New Facts and Data about Professors and their Research