Earlier quoted context omitted.
Prizes pay for working results. Grants pay for possibilities. Grants are therefore riskier, and thus we allocate less resources to them. Since the people with the money don't understand the science, these possibilities must then be assessed by bureaucrats, and this causes our best to spend half of their time writing proposals instead of working and researching. A complete waste of time. Let the people who know the mo…
> Since the people with the money don't understand the science, these possibilities must then be assessed by bureaucrats, and this causes our best to spend half of their time writing proposals instead of working and researching. A complete waste of time. What part of this changes when a company is paying for the research, and why can't that same part be used in a government office? It's not like drug company CEOs and…
With a prize based approach, what you want is for researchers to make small targetted gambles early in their career, earn their prize profits from those gambles, and work their way up into bigger gambles. There's nothing crazy about this scheme, it's how businesses have formed for hundreds of years. If a company wants to buy equity in the prizes of an independent researcher, I see no issue with this.
> then why would this model not be possible in a government office
I see no issue with governmental workers, or those from a university medial research center, or any other persons who can achieve the results from receiving this prize.
> someone needs to pay for all of the trials that don't work
The researchers. They are the one taking the risk. They are the one who would get the rewards. Skin in the game.
> With a public funding scheme, the benefit analysis could be based on public health interests.
Yes, we should directly pay the organization, or persons, based on the value they generate from their own. The bigger the public health interest, the more they should be paid. Right now we give a tiny piece to these people, and thus harm our incentives. Fully fund the results. It's risk-free.