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Links: Prizes as Inducements for Innovation |
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Posted by Steven Wu on Sunday, October 17 @ 20:11:47 EDT
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The New York Times has a story entitled Do Good! Win a Prize! about the use of prizes (like the Ansari X Prize) to spur technological and other innovation.The article notes:
Despite the spectacular success of some prizes, the overall record is spotty at best. "Apart from the chronometer and food canning - both over 200 years old - what's impressive is how few momentous inventions have resulted from inducement prizes," said Edward Tenner, a historian of technology, in an e-mail message. "Even in flying, the Wright Brothers themselves certainly didn't need one, and neither did the other great pioneers."
Well, it's certainly true that there are always some pioneers who are willing to innovate for free. But among the commercially minded, the problem with prizes is that they seem beside the point: if a project can be commercialized, then the market provides sufficient incentive; if it cannot be commercialized, then prize money is rarely enough to cover expenses, especially compared to the opportunity cost of doing something more remunerative.
The article rightly points out, though, that prizes help focus publicity on certain problems--see, e.g., SpaceShipOne or the Millenium Prizes--with the size of the pot making the area sexier. And maybe that's all they're good for.
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