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This paper exploits the selection of prize‐winning technologies among exhibitors at the C rystal P alace E xhibition in 1851 to examine whether—and how— ex post prizes that are awarded to high‐quality innovations may encourage future innovation. U . S . patent data indicate a 40 per cent increase after 1851 in patenting for prize‐winners compared with other exhibits. Results are robust to controlling for technology‐specific pre‐trends and for the quality of patents. A comparison of changes in patenting for prize‐winners with changes for technologies that were described on the front page of the S cientific A merican suggests that publicity for promising research fields may be an important mechanism by which ex post prizes encourage future innovation.
Moser et al. (Sun,) studied this question.
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