**Summary:**

Miserly Millennium Prizes August 24, 2017 in Popular Science, prizes, mathematics | Tags: millennium prize 17 years ago the Clay Institute announced 7 Millennium problems and offered million for the solution to each. To date, only one has been solved. It suggests that the supply (of mathematical attention) has not increased to meet demand. Therefore, the value of the prizes are to low. Why might the current value of the prize prolong the time it takes to obtain a solution? Suppose, two agents, each in possession of an idea that in combination would produce the sought after solution. Neither agent has an incentive to reveal what they know, for fear that the other will build upon this to earn the prize. Pooling their efforts means splitting the prize. Thus, one has a

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rvohra considers the following as important: mathematics, millennium prize, Popular Science, prizes

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17 years ago the Clay Institute announced 7 Millennium problems and offered $1 million for the solution to each. To date, only one has been solved. It suggests that the supply (of mathematical attention) has not increased to meet demand. Therefore, the value of the prizes are to low. Why might the current value of the prize prolong the time it takes to obtain a solution? Suppose, two agents, each in possession of an idea that in combination would produce the sought after solution. Neither agent has an incentive to reveal what they know, for fear that the other will build upon this to earn the prize. Pooling their efforts means splitting the prize. Thus, one has a familiar trade-off. Laboring alone delays the reward but it is unshared. Teaming up, accelerates the reward but it must be shared.