Rethinking Resource Allocation in Science

US funding agencies alone distribute a yearly total of roughly $65B dollars largely through the process of proposal peer review: scientists compete for project funding by submitting grant proposals which are evaluated by selected panels of peer reviewers. Similar funding systems are in place in most advanced democracies. However, in spite of its venerable history, proposal peer review is increasingly struggling to deal with the increasing mismatch between demand and supply of research funding.