[imgabe]

But an open competition doesn't actually fund anything. The money is awarded after all of the work has been done. Somebody has to pay to feed and house scientists while they're working on something, as well as for lab equipment and support staff, etc, etc. An open competition solves none of those problems.

Furthermore, a competition only compensates the winner. That's all well and good for competitions, but sometimes science advances as much by finding things that don't work (and why they don't work) as by finding things that do.

[marshallp]

There are probably solutions to all the above. "Tapered" prize giving (even 100th place gets a small prize), more frequent changeovers (rather than tenure and multiyear student commitments, have monthly or weekly reviews about wh stays and who leaves, just like in the private sector). Anyway, I acknowledge your points, I just think the present system isn't necessarily the perfect system.