New ideas no longer fuel economic growth the way they once did. A popular explanation for stagnation is that good ideas are harder to find, rendering slowdown inevitable. We present a simple model of the lifecycle of scientific ideas that points to changes in scientist incentives as the cause of...

Replication is a critical component of scientific credibility as it increases our confidence in the reliability of the knowledge generated by original research. Yet, replication is the exception rather than the rule in economics. In this paper, we examine why replication is so rare and propose...

The Nobel Prize in Physiology or Medicine is the most prestigious and coveted award in medical research. Anecdotal evidence and related research suggest that receiving it may adversely affect research productivity. We compared the post-Nobel research output of laureates (prize years: 1950-2010)...

Science funding agencies such as the NIH, NSF, and their counterparts around the world are often criticized for being too conservative, funding incremental innovations over more radical but riskier projects. One explanation for their conservatism is the way the agencies use peer review of...

There is a long-standing tradition in public research funding agencies of distributing funds via peer review, which aggregates evaluations of proposed research ideas from a group of external experts. Despite complaints that this process is biased against novel ideas, there is poor understanding...