Prize

A prize is a reward offered to recognize achievement or to stimulate performance. It is typically awarded to an individual or team that wins a competition or meets predefined criteria. Prizes can be monetary, symbolic, or practical—cash prizes, trophies, medals, certificates, or other goods and experiences. The term prize is sometimes used interchangeably with award, though prize often implies selection by contest or performance, whereas an award can be given for merit, service, or achievement beyond competition. As a verb, prize also means to value something highly or to cherish; historically, to prize a possession could also mean to seize it as spoil.

Prizes are offered by governments, foundations, companies, academic institutions, and non-profit organizations. They are governed by rules specifying eligibility, submission requirements, judging criteria, and deadlines. Selection is usually conducted by a panel of judges or an external jury, and the prize may be awarded directly or after a staged competition. Prizes may include cash prizes, grants, scholarships, a trophy, or recognition.

Notable prizes include the Nobel Prize, the Pulitzer Prize, and the Fields Medal. Prizes are used to attract talent, fund research, recognize achievement, and inspire innovation. Critics note that prize design can influence research agendas or cultural production, favoring certain fields or outcomes. Transparent criteria and fair access are important to maintain legitimacy.