Much like the trade and traits of bubbles in financial markets, similar bubbles appear on the science market. When economic bubbles burst, the drop in prices causes the crash of unsustainable investments leading to an investor confidence crisis possibly followed by a financial panic. But when bubbles appear in science, truth and reliability are the first victims. This paper explores how fashions in research funding and research management may turn science into something like a bubble economy.
KeywordsBubbles Finance Science Social psychology Informational phenomena Research management Optimization games
We wish to thank the following colleagues for helpful comments and discussion: Alexandru Baltag, Patrick Blackburn, Johan van Benthem, Finn Collin, Claus Emmeche, Claus Strue Frederiksen, Søren Gosvig Olesen, Erik J. Olsson, Ramus K. Rendsvig, Dan Zahavi, Philip Pettit, John Symons, and the two anonymous reviewers. We gratefully acknowledge the support from The Velux Foundation and the Humanomics Research Programme.
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