Sunday, December 19, 2010

Prizes for solutions to problems

An Australian firm, Kaggle, hosts problem solving and prediction competitions, and describes itself this way: "Kaggle is an innovative solution for statistical/analytics outsourcing. ...Companies, governments and researchers present datasets and problems - the world's best data scientists then compete to produce the best solutions. At the end of a competition, the competition host pays prize money in exchange for the intellectual property behind the winning model."

One of their current competitions requires participants to predict travel time on Sydney's M4 freeway from past travel time observations.

Other approaches for eliciting solutions to problems by offering prizes are found at Innocentive, and, both of which list problems for which people can offer solutions for evaluation.

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