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timtyler comments on The efficiency of prizes - Less Wrong
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The (rather flimsy) Harvard Business School paper suggests that prizes are not a very good deal (financially at least) for the solvers; chances-of-winning x prize-money / hours-spent does not look good.
The attraction of prizes that is relevant here is mostly to the prize awarders, not the prize recipients.
Surely the costs/benefits to everybody, including third-parties, counts. Surely the real issue is the ultimate economic efficiency of these prizes as a way to allocate our collective resources toward achieving the most collective benefit from solved problems.
What counts depends on your perspective. Awarders and recipients have their own opinions on the issue.