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Innovation prize model
open-in-new
<p>Some <a href="/facts/Economists/41nWfEgr">economists</a> have proposed replacing <a href="/facts/Patent/LjT2bG3A">patents</a> in some markets with an innovation prize model, which would use <a href="/facts/Inducement_prize_contest/NsAUCSqT">inducement prizes</a> rather than temporary monopolies to reward <a href="/facts/Research_and_development/2h5UddUu">research and development</a> effort. </p>