The Research Assessment Exercise (RAE) was an exercise undertaken approximately every five years on behalf of the four UK higher education funding councils (HEFCE, SHEFC, HEFCW, DELNI) to evaluate the quality of research undertaken by British higher education institutions. RAE submissions from each subject area (or unit of assessment) are given a rank by a subject specialist peer review panel. The rankings are used to inform the allocation of quality weighted research funding (QR) each higher education institution receives from their national funding council. Previous RAEs took place in 1986, 1989, 1992, 1996 and 2001. The most recent results were published in December 2008. It was replaced by the Research Excellence Framework (REF) in 2014. Various media have produced league tables of institutions and disciplines based on the 2008 RAE results. Different methodologies lead to similar but non-identical rankings. History The first exercise of assessing of research in higher education in the UK took place in 1986 under the Margaret Thatcher Government. It was conducted by the University Grants Committee under the chairmanship of the Cambridge mathematician Peter Swinnerton-Dyer. The purpose of the exercise was to determine the allocation of funding to UK Universities at a time of tight budgetary restrictions. The committee received submissions of research statements from 37 subject areas ("cost centres") within universities, along with five selected research outputs. It issued quality rankings labelled "outstanding", "above average", "average" or "below average". The research funding allocated to universities (called "quality-related" funding) depended on the quality ratings of the subject areas. According to Swinnerton-Dyer, the objective was to establish a measure of transparency to the allocation of funding at a time of declining budgets. A subsequent research assessment was conducted in 1989 under the name "research selectivity exercise" by the Universities Funding Council. Responding to the complaint of the universities that they weren't allowed submit their "full strength," Swinnerton-Dyer allowed the submission of two research outputs per every member of staff. The evaluation was also expanded to 152 subject areas ("units of assessment"). According to Roger Brown and Helen Carasso, only about 40 per cent of the research-related funding was allocated based on the assessment of the submissions. The rest was allocated based on staff and student numbers and research grant income. In 1992, the distinction between universities and polytechnics was abolished. The Universities Funding Council was replaced by regionwise funding councils such as the HEFCE. Behram Bekhradnia, the