An inducement prize contest (IPC) is a competition that awards a cash prize for the accomplishment of a feat, usually of engineering. IPCs are typically designed to extend the limits of human ability. Some of the most famous IPCs include the Longitude prize (1714–1765), the Orteig Prize (1919–1927) and the Ansari X Prize (1996–2004).
IPCs are distinct from recognition prizes, such as the Nobel Prize, in that ICPs have prospectively defined criteria for what feat is to be achieved for winning the prize, while recognition prizes may be based on the beneficial effects of the feat.
Research has shown that IPCs can be extremely effective in pushing the advancement of technology.
Read more about Inducement Prize Contest: History of IPCs, Economics of IPCs, List of IPCs
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