From a referee request email (that I reluctantly declined):
To ensure publication of timely research, Journal of Agricultural and Resource Economics does not engage in a prolonged revision process. Submitted documents that are accepted for publication should require only limited editing from their submitted form. Documents not accepted are not subject to a second review. Therefore, your initial review will determine the suitability of the document for publication in Journal of Agricultural and Resource Economics. Please be explicit as to your reasons for acceptance or rejection and recommendations for needed revisions.
It will be interesting to see how this one goes. Their experiment with paying referees decreased time to decisions by 22%.