A study on the innovation contest based on grey degree of solvers´ knowledge

This paper investigate the effects of grey degree of solvers´ knowledge on the optimal number of solvers in an innovation contest. It is indicated that the number of the participants should be restricted when the grey degree of solvers´ knowledge is lower, but the potential solvers should be encouraged to join the innovation contest with the higher grey degree of solvers´ knowledge. Additionally, the impacts of the fixed entry cost and the nonpecuniary prize on the levels of the solver´s efforts are discussed, and the relationship between grey degree of solvers´ knowledge and entry threshold of knowledge´s matching degree are analyzed.