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Jack Park on 17 Jul 08Research funding decisions and research evaluation are currently almost exclusively based on peer-review. Peer-review is well suited to ensure quality, but helps little to achieve impact. ParticipatoryResearch adds the stakeholder dimension to research funding and evaluation. In an ideal world those research projects should get funded which will ultimately benefit its stakeholders most. Individuals (such as peer reviewers) can often hardly realistically access the potential benefit of a certain research proposal. Better results can be achieved by relying on the intelligence of a whole community by employing prediction markets (being the best general institutions we know for aggregating information). In such a prediction market for research ideas stakeholders bet or vote about which research results will benefit them most. The highest-ranked research ideas according to the stakeholder benefit should ultimately get funded.