The Google Lunar X Prize and Other Aerospace Competitions
Chapter 8: Theory, policy and research implications
The findings of this investigation in four key themes (motivations, R & D activities, technology outputs and overall effect on innovation) (summarized in Table 8.1) have shown that in fact each prize is a unique, complex phenomenon whose understanding requires not only the incorporation of new explanatory factors in our prize theories but also the investigation of other entrant-and context-level factors that affect the development of competitions. Prizes have generally been investigated using formal economic models in which a prize sponsor offers a unique monetary reward (the cash purse) to induce either increasing R & D activity in a specific technological field or the production of a single innovation. This innovation is generally assumed to be placed in the public domain. These models typically involve rational, profit-maximizing R & D performers or prize entrants that factor out monetary benefits, costs and the probability of success in their choices and decisions to participate. Moreover, entrants’ pre-existing and/or post-prize activities are not generally considered. This investigation has shown however that the prize phenomenon has strong connections with a number of entrant-and context-level factors, is influenced by multiple both monetary and non-monetary incentives and involves entrants that make decisions based on pre-existing activities, goals that may go beyond the prize challenge, and beliefs and subjective perspectives about the merit and risks of prize participation.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.