Uncertainty and risk-taking in science [electronic resource] : meaning, measurement and management / Chiara Franzoni, Paula Stephan.

Cambridge, Massachusetts : National Bureau of Economic Research, 2021.©2021

Franzoni, Chiara. author.

National Bureau of Economic Research. issuing body.

01-01-2021

1 online resource.

text

online resource

NBER working paper series ; no. w28562

Working paper series (National Bureau of Economic Research) ; no. w28562.

WEB (Copy 1) INTERNET 1272374-1001 ONLINE

Open item 

Science

Risk

Investment

Overseas item

"March 2021"

Includes bibliographical references.

An underlying rationale for public support of science is that private companies underinvest in research of a risky nature. Yet, risk in science is a poorly understood concept. This paper sets out the foundations for understanding, measuring and managing risk in science. We review insights offered from existing fields that study risk. These contributions, combined with knowledge gained from studies of science, are used to build a conceptual model of risk in science. The model is illustrated with examples drawn from the development of the IceCube Neutrino Observatory. It disentangles different components that determine risk and is used to operationalize an expert-based risk metric, potentially useful in peer review. Moreover, we review emerging empirical work on risk-taking in science, most of which suggests that the current reward structure of science discourages risky research. We develop and outline strategies for hedging and encouraging risk taking. We conclude by proposing a rich agenda for future studies, which is both intellectually challenging and critical for the future of science.

1272374

1272374-1001

Library Catalogue