one thing to note re this journal (which looks to point in the correct
direction, contingent of course on the answers to the questions you pose)
is that it is relatively low volume: from their issues on-line,
June 1994 (vol. 77, no. 2, pages 201-300)
September 1994 (vol. 77, no. 3, pages 301-396)
December 1994 (vol. 77, no. 4, pages 397-532)
March 1995 (vol. 78, no. 1, pages 1-224)
June 1995 (vol. 78, no. 2, pages 225-381)
it appears they only publish roughly 700 pages per year.
i do not know how typical that is for the size of journals (so difficult
to know whether they'll be criticized as too small an operation to be
representative), but it is minuscule even compared to subfields here
such as hep-th (which at a highly restrictive 20% acceptance rate would
still publish more than that each month, and hep-th is only one of many).
still it might be an ideal model for smaller operations.
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