Scholarly journals in the late 20th century

The scholarly journal has remained largely unchanged in purpose and structure during its three-century evolution. Current forces within the publishing industry, technology sector, the academy, and the related research environment are prompting rapid change in scholarly communication. Economic models for journals reflect both the unique challenges of the publisher as well as these broader environmental forces. Several constructs are described, followed by a preliminary report on an experimental project, PEAK (Pricing Electronic Access to Knowledge), which explores models for journal pricing and products. PEAK and other innovative projects that challenge traditional journal models may serve as both catalysts for change as well as prototypes for the scholarly journals of the early 21st century.