This paper provides a systematic examination of the use of a Grand Innovation Prize (GIP) in action – the Progressive Automotive Insurance X PRIZE – a $10 million prize for a highly efficient vehicle. Following a mechanism design approach we define three key dimensions for GIP evaluation:...

Title from caption. "First draft: 3 March, 1997; this version: 1 September 1997"--P. [1] -- September 1997"--Cover.