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Prizes Versus Contracts as Incentives for Innovation

2015
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Release : 2015
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Book Synopsis Prizes Versus Contracts as Incentives for Innovation by : Yeon-Koo Che

Download or read book Prizes Versus Contracts as Incentives for Innovation written by Yeon-Koo Che. This book was released on 2015. Available in PDF, EPUB and Kindle. Book excerpt: The procurement of an innovation involves motivating a research effort to generate a new idea and then implementing that idea efficiently. If research efforts are unverifiable and implementation costs are private information, a trade-off arises between the two objectives. The optimal mechanism resolves the tradeoff via two instruments: a monetary prize and a contract to implement the project. The optimal mechanism favors the innovator in contract allocation when the value of innovation is above a certain threshold, and handicaps the innovator in contract allocation when the value of innovation is below that threshold. A monetary prize is employed as an additional incentive but only when the value of innovation is sufficiently high.

Prizes Versus Contracts as Incentives for Innovation

2017 Contracts
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Release : 2017
Genre : Contracts
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Book Synopsis Prizes Versus Contracts as Incentives for Innovation by : Yeon-Koo Che

Download or read book Prizes Versus Contracts as Incentives for Innovation written by Yeon-Koo Che. This book was released on 2017. Available in PDF, EPUB and Kindle. Book excerpt: Procuring an innovation involves motivating a research effort to generate a new idea and then implementing that idea effciently. If research efforts are unverifiable and implementation costs are private information, a trade-off arises between the two objectives. The optimal mechanism resolves the tradeoff via two instruments: a monetary prize and a contract to implement the project. The optimal mechanism favors the innovator in contract allocation when the value of innovation is above a certain threshold, and handicaps the innovator in contract allocation when the value of innovation is below that threshold. A monetary prize is employed as an additional incentive but only when the value of innovation is suffciently high.

The Incentives and Disincentives of Innovation Prizes

2010
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Release : 2010
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Book Synopsis The Incentives and Disincentives of Innovation Prizes by : Bharat Bhushan (S. M.)

Download or read book The Incentives and Disincentives of Innovation Prizes written by Bharat Bhushan (S. M.). This book was released on 2010. Available in PDF, EPUB and Kindle. Book excerpt: Technological innovation is driven by incentives. However, our understanding of how incentives actually work "on the ground" to change the level of activity of innovators or to shape the direction of their innovation is relatively limited. This thesis contributes to this understanding by focusing on innovation prizes (as applied to the energy industry). It aims to examine how prizes provide a useful but also a limiting incentive for companies in a particular arena of R&D. Specifically, the thesis involves a survey of the teams that dropped out from a highly publicized prize competition to learn about their motivations and perspectives about the competition. How companies/teams understand and evaluate the technologies that they promote involves as much understanding of the technologies as of the economic models of incentives. This thesis uses a survey based methodology to explore the impact of a particular incentive structure - prizes - on a group of teams who initially participated in the prizes and then later decided to drop out. By selecting the drop out group we were able to explore the details of the prize as an innovation mechanism in more detail. The survey results reveal that the dropped out teams believed the prize to be an opportunity to raise money for their projects. Their inability to raise enough funds and eventual dropping out did not decrease their excitement about prizes as an ideal incentive to bring about radical change even though, the dropped out teams judged the specific prize competition as less than ideal. As a consequence, the thesis concludes that the prize incentive has a close relationship with and hence extends the financial infrastructure of a society.

Federally Funded Innovation Inducement Prizes

2009-12 Science
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Release : 2009-12
Genre : Science
Kind : eBook
Book Rating : 91X/5 ( reviews)

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Book Synopsis Federally Funded Innovation Inducement Prizes by : Deborah D. Stine

Download or read book Federally Funded Innovation Inducement Prizes written by Deborah D. Stine. This book was released on 2009-12. Available in PDF, EPUB and Kindle. Book excerpt: Contents: (1) What are the Different Kinds of Prizes?; (2) What is the Status of Federally-Funded Innovation Inducement Prizes?: DoD Wearable Power Prize; DARPA Grand Challenges; DoE Grand Challenges; Progressive Auto. X PRIZE; Amer. Le Mans Series Green Challenge Race; NASA Centennial Challenges: Astronaut Glove Challenge; General Aviation Technology; Lunar Regolith Excavation Challenge; Northrop Grumman Lunar Lander Challenge; Power Beaming and Tether; Lunar Oxygen Production or MoonROx; NASA Assessment of Program; Future Competitions; Biomed. Advanced R&D Authority Project BioShield; (3) What Policy Options Might Members of Congress Consider?: Create New Prizes; Modify Current Prize Programs.

Technological Innovation and Prize Incentives

2012-01-01 Technology & Engineering
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Release : 2012-01-01
Genre : Technology & Engineering
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Book Rating : 482/5 ( reviews)

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Book Synopsis Technological Innovation and Prize Incentives by : Luciano Kay

Download or read book Technological Innovation and Prize Incentives written by Luciano Kay. This book was released on 2012-01-01. Available in PDF, EPUB and Kindle. Book excerpt: ÔThe recent renaissance in the use of prizes to spur innovation and extraordinary novel performance warrants close attention. Luciano Kay does so through a series of compelling case studies which shows the potential of prizes, the range of factors that influence their performance and the importance of understanding their non-pecuniary dimensions, even when there is a substantial purse. This is an important contribution to the innovation literature.Õ Ð David J. Teece, University of California, Berkeley, US ÔIn the last decade innovation prizes have caught the imagination of policy makers and rich donors alike; those who actually care about the process and outcome of prizes and not only the hype, would do well to read LucianoÕs new book.Õ Ð Dan (Danny) Breznitz, Georgia Institute of Technology, US Inducement prizes Ð in which cash rewards are offered to motivate the attainment of specific targets Ð have long been used to stimulate scientific discovery and technology research and development. This volume presents an empirical investigation of the effect of these prizes on innovation. In this in-depth study, Luciano Kay focuses on three recent cases of prize competitions in the aerospace industry: the Google Lunar X Prize, the Ansari X Prize and the Northrop Grumman Lunar Lander Challenge. Using a combination of real-time and historical analysis based on personal interviews, workplace visits and questionnaire and document data analysis, the author examines the particular dynamics of the prize phenomenon and offers a comprehensive discussion of the potential of prizes to induce innovation. This fascinating volume also sets out a systematic method to studying prize incentives, offering a concrete innovation model and case study design approach that will prove highly useful to further research efforts in the field. Scholars, policymakers and corporate officials interested in incentives for innovation and the practical implementation of prize competitions will find this an invaluable resource. Potential prize sponsors and entrepreneurs, professionals and other individuals or organizations interested in participating in such competitions will also find much of interest in this groundbreaking book.

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