A prize is something of value given to reward success in a contest or to recognize outstanding achievement. Prizes have been proposed as an alternative to existing methods for incentivizing innovation, such as patents and grants (Clancy & Moschini 2013).

Bibliography

Brunt, Liam, Josh Lerner & Tom Nicholas (2012) Inducement prizes and innovation, Journal of Industrial Economics, vol. 60, pp. 657–696.

Clancy, Matthew S. & Gian Carlo Moschini (2013) Incentives for innovation: Patents, prizes, and research contracts, Applied Economic Perspectives and Policy, vol. 35, pp. 206–241....

(Read More)