{"title":"A portfolio approach to research funding","authors":"Erik Canton","doi":"10.1016/j.respol.2024.105129","DOIUrl":null,"url":null,"abstract":"<div><div>This study argues that portfolio theory can provide a powerful tool to make research funding decisions. The proposed methodology allows for an informed management decision process, also in the presence of project interdependencies and multiple policy objectives. Despite its potential to improve funding decisions, the portfolio model is not widely applied in practice. The most common approach is merit-based funding where the evaluators' scores of the individual proposals guide funding decisions. A possible explanation is that conventions play a role in the selection process. Survey data show that policy practitioners working in the field of research and innovation policy have a relatively strong preference for the merit-based funding model, suggesting the presence of a “club-effect”.</div></div>","PeriodicalId":48466,"journal":{"name":"Research Policy","volume":null,"pages":null},"PeriodicalIF":7.5000,"publicationDate":"2024-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Research Policy","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0048733324001781","RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"MANAGEMENT","Score":null,"Total":0}
引用次数: 0
Abstract
This study argues that portfolio theory can provide a powerful tool to make research funding decisions. The proposed methodology allows for an informed management decision process, also in the presence of project interdependencies and multiple policy objectives. Despite its potential to improve funding decisions, the portfolio model is not widely applied in practice. The most common approach is merit-based funding where the evaluators' scores of the individual proposals guide funding decisions. A possible explanation is that conventions play a role in the selection process. Survey data show that policy practitioners working in the field of research and innovation policy have a relatively strong preference for the merit-based funding model, suggesting the presence of a “club-effect”.
期刊介绍：
Research Policy (RP) articles explore the interaction between innovation, technology, or research, and economic, social, political, and organizational processes, both empirically and theoretically. All RP papers are expected to provide insights with implications for policy or management.
Research Policy (RP) is a multidisciplinary journal focused on analyzing, understanding, and effectively addressing the challenges posed by innovation, technology, R&D, and science. This includes activities related to knowledge creation, diffusion, acquisition, and exploitation in the form of new or improved products, processes, or services, across economic, policy, management, organizational, and environmental dimensions.
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