Chapter 3 - The Allure of Prizes

Summary

Chapter 3 is concerned with the following question: can scientific prizes affect the trajectory of discovery? Prizes, not to be confused with grants, work well in a couple of ways. Firstly, there is often an economic incentive to winning them. Sometimes the funds can be used in a personal capacity, other times the prize money is earmarked for future research. The other benefit is the prestige they bring. This prestige can increase the likelihood that their future papers and research will be highly cited, particularly immediately after publishing new research - much like the added hype that a famous artist or musician might be able to generate prior to the unveiling of new work. Prizes also seem to celebrate existing pursuits and create positive exposure, resulting in an influx of scientists from other fields. But how effective are prizes in steering research in new directions? Prizes seem to amplify achievements, probably reward those pursuing riskier hypotheses, and often identify scientific areas likely to grow in the future, but their ability to shift the trajectory is less likely. The reasons for this are elaborated upon in the rest of the chapter.