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A portfolio approach to research funding

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  • Canton, Erik

Abstract

This study argues that portfolio theory can provide a powerful tool to make research funding decisions. The proposed methodology allows for an informed management decision process, also in the presence of project interdependencies and multiple policy objectives. Despite its potential to improve funding decisions, the portfolio model is not widely applied in practice. The most common approach is merit-based funding where the evaluators' scores of the individual proposals guide funding decisions. A possible explanation is that conventions play a role in the selection process. Survey data show that policy practitioners working in the field of research and innovation policy have a relatively strong preference for the merit-based funding model, suggesting the presence of a “club-effect”.

Suggested Citation

  • Canton, Erik, 2025. "A portfolio approach to research funding," Research Policy, Elsevier, vol. 54(1).
    • Handle: RePEc:eee:respol:v:54:y:2025:i:1:s0048733324001781
    DOI: 10.1016/j.respol.2024.105129
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    More about this item

    Keywords

    Portfolio approach; Merit-based funding; Conventions;
    All these keywords.

    JEL classification:

    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
    • H0 - Public Economics - - General
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights

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