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] Prizes are also sometimes competitions.
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.
Stiglitz, Joseph (2006) Innovation: A better way than patents, New Scientist, September 17.
Related entries
certificate of impact | markets for altruism | bounty (open)
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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.