The U.S. government should set up a prize fund totaling $400 million, payable in 2031. The prize fund would be open to any U.S. university with accredited science or engineering programs. The fund would be awarded as $200 million for first place, $100 million for second, $50 million for third, $25 million for fourth, $12 million for fifth, $6 million for sixth, $3 million for seventh…and $1 million until we run out of money.It's more convoluted, I think, than my contracts suggestion from a few weeks ago. Plus, there is the problem of luck of the draw--getting the best estimate does not necessarily mean having the best methodology. Just ask Jennifer Hudson. Plus, I hate taking tax dollars and wasting them on pork like this.
Hat tip to Arnold Kling.