This grant supports the launch and operation of a new working group at the National Bureau of Economic Research (NBER) dedicated to studying the “economics of science.” Led by Paula Stephan, the group will bring together top flight economists to share existing work and findings, identify new areas for research, examine methodological and data issues, and commission new research. Topics include incentives in the current system, how the structure of grants and review systems affects scientific risk taking, the costs and efficiencies of different research funding models, how to judge scientific quality, and how to measure return on investment in basic and applied science. Along with four meetings of the working group, the grant will fund administrative and planning costs, support for small research grants, and partnerships between the working group and institutions like research universities or other science funders.