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Overcoming Bias Commenter's avatar

Joe, I think you're describing a problem with poor incentive prize construction, rather than an inherent problem with substantial funding of research through prize incentives. You're pointing out the importance sufficient # of prizes and size of prizes, and pegging the prizes to reasonably achievable goals, all important. The MPrize seems to have moved strongly in that direction, and I imagine this whole area (encompassing how salary and bonus incentives work) has been significantly studied by economists and management researchers.

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Overcoming Bias Commenter's avatar

Carl,Unfortunately it could also be a high-risk investment if you have many institutions vying for the same prize, and there is no guarantee that anyone will find an answer in a reasonable amount of time if ever. For many institutions, a consistent yearly return on an investment might be preferred.

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