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The Beauty of Bounties November 8, 2013

Posted by federalist in Markets, Uncategorized.
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Bounties for solving big or hard problems are not new. But they should be more common.

I was impressed to discover a data company (SNL) that issues cash rewards to anyone who finds errors in their data. Based on my experience not many data vendors could afford to do that! So it serves the dual purposes of advertising their quality and ensuring it. (And yes it’s real: I recently collected on a handful of errors uncovered during some tedious work.)

Many major information technology vendors have publicized substantial “bug bounty” programs for researchers who reveal serious security flaws in a gracious manner. (I.e., instead of exploiting their discoveries to attack, blackmail, or humiliate the companies, as is a sometimes attractive alternative.)

Another interesting “error bounty” is Donald Knuth’s, begun in 1968 for errors in his publications. I assume he began the program because he realized he had authored the most important reference texts in Computer Science, and he wanted them to stand worthy of the role. Obviously the scientific community agrees, since the bounty check is minimal and rarely even cashed: Evidence of earning it is far more prestigious.