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Project

The Economics of Science – Random Selection in the Awarding of Research Funding

A primary objective of the economics of science is to advance the scientific basis of science and innovation policy. Assessing the impact and the achievements of research is a complex and a multifaceted endeavor requiring a nuanced understanding of what producing good research means and an appreciation of what the outcomes of good research look like. It also entails a better understanding of how research evaluation processes work – the so called refereeing processes that assess the expected value of research proposals under uncertainty – and how these processes can be rendered more efficient. To this end, a growing number of funding agencies have begun to award research grants partly through random selection. While this concept has become well-known in the funding community, little theoretical support and empirical evidence have corroborated its effectiveness, mainly due to few proposals being funded randomly to date. To assess the impact of randomization and therefore better understand the effects of decision-making under uncertainty more generally, there is an opportunity to participate in research involving ex-post simulations using a population of research grant applications and compare simulation outcomes with those from traditional refereed decisions. Such an approach may enable the identification and understanding of potential biases. Understanding the existence and source of such biases may enable policymakers to avoid such biases in decision-making under uncertainty.

Date:26 Sep 2022 →  Today
Keywords:economics of science
Disciplines:Analysis of collective decision-making
Project type:PhD project