We believe in the core principle from market-based economics that incentives drive behavior. We lean toward behavioral economics as a more robust and believable model than the standard “homo economicus” (read oversimplified but mathematically model-able idea of human decision-making) taught to most 20th century students. We believe that desire for recognition is an incentive commonly found among super-achievers. And this explains why “big” prizes are created and tend to matter over time. Not to  suggest that geniuses chase prizes (on the contrary, much of the time).

But the Nobel probably inspires its fair share of young academics in a few fields. For that reason we find this editorial opinion piece quite compelling, especially due to the first example given:

In the mid-1960s, Robert Paine, a scientist at the University of Washington in Seattle, discovered a hidden organizing principle in the coastal ecosystem he was studying. When a certain species of starfish was present, a panoply of algae, limpets, barnacles, anemones and mussels lived in delicate, dynamic balance. But when he removed the starfish and tossed them into the ocean, that balance collapsed and one kind of mussel took over.

Dr. Paine coined a term to describe the starfish’s outsize influence: keystone species. Keystone species have since been identified in forests, in grasslands, in the ocean and even in the human gut. The concept has become one of ecology’s guiding theoretical principles, Continue reading →