Carl T. BergstromJun 27, 2023

My colleague Kevin Gross and I have a new preprint up on the arXiv.

Just for fun, rather than a simple text explainer, a thread with some slides for a talk I'm giving at https://www.icssi.org/ tomorrow.

Here's the paper itself: Rationalizing risk aversion in science. https://arxiv.org/abs/2306.13816

International Conference on the Science of Science and Innovation

International Conference on the Science of Science and Innovation
Show threadCarl T. BergstromJun 27, 2023
The basic issue at hand is high-risk, high-return science. There is widespread sentiment, and even some scattered empirical evidence, that scientific research within academia is too cautious and that higher-risk, higher-return research would yield more progress more quickly.
Show threadCarl T. BergstromJun 27, 2023
If you ask people why we don't see more high-risk science, you get different answers. Researchers tell you that granting agencies won't fund it. Funders tell you that researchers won't propose it.
Show threadCarl T. BergstromJun 27, 2023

A couple of years ago, we published a PNAS paper that tackles the researchers' side of the story, explaining why grant review panels may be unlikely to fund risky studies.

https://www.pnas.org/doi/10.1073/pnas.2111615118

The present paper addresses the funding agencies' side, and looks at why researchers may be reluctant to take on high-risk projects even if they are funded.

Show threadCarl T. BergstromJun 27, 2023

To get at this, we have think about the incentives that academic researchers face.

Because it's very difficult to monitor the effort that researchers put in, academic scientists are rewarded almost exclusively for their research output.

Rewards come in the form of jobs, promotions, salary, and prestige, for example. We'll refer to these all as wages.

Show threadCarl T. BergstromJun 27, 2023
We note that particularly where job security and salary are concerned, scientists are risk-averse in wages.
Show threadCarl T. BergstromJun 27, 2023
When investing in risky research, funding agencies can hedge their bets across a portfolio of large-scale high-risk projects. Individual scientists can't typically do this.
Show threadCarl T. BergstromJun 27, 2023

Researchers might be willing to take on risky projects if they could be insured against that risk, with wages that didn't depend on the vicissitudes of scientific fortune.

But you can't completely ensure against the failure to get results, because bad luck is indistinguishable from loafing and you need to somehow incentivize effort.

Show threadDan GoodmanJun 27, 2023
@ct_bergstrom can you not just count preprints and divide by number of PhD and postdoc? It's only the positive result publication bias that makes this a thorny issue isn't it?
Show threadCarl T. BergstromJun 27, 2023
@neuralreckoning yes, I think the idea is that high risk research often yields very little that’s publishable despite large amounts of work.
Show threadDan Goodman
@ct_bergstrom right so if we told people we were measuring them based on preprints (including negative results that wouldn't be journal publishable) and not on journal publication they could still have a mechanism to show they had been working hard even if they didn't get journal publications.
Jun 27, 2023 at 12:29pmWeb