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.[1]

Further reading

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

Graff Zivin, Joshua & Elizabeth Lyons (2020) The effects of prize structures on innovative performance, working paper 26737, National Bureau of Economic Research....

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