Prize

A prize is an award to be given to a person or a group of people (such as sporting teams and organizations) to recognize and reward their actions and achievements.[1] Official prizes often involve monetary rewards as well as the fame that comes with them. Some prizes are also associated with extravagant awarding ceremonies, such as the Academy Awards.

A car prize at a shopping mall in Indonesia

Skateboarders excited to receive a free skateboard deck as a prize at a skate contest, 2021

Prizes are also given to publicize noteworthy or exemplary behaviour, and to provide incentives for improved outcomes and competitive efforts. In general, prizes are regarded in a positive light,[1] and their winners are admired. However, many prizes, especially the more famous ones, have often caused controversy and jealousy.

Specific types of prizes include:

• Booby prize: typically awarded as a joke or insult to whoever finished last (e.g., wooden spoon award).
• Consolation prize: an award given to those who do not win but are deemed worthy of recognition.
• Hierarchical prizes, where the best award is "first prize", "grand prize", or "gold medal". Subordinate awards are "second prize", "third prize", etc., or "first runner-up" and "second runner-up", etc., or "silver medal" and "bronze medal". (In some contests, "grand prize" is more desirable than "first prize".)
  • On game shows in the UK, the term is "star prize", while in Australia, it is "major prize".
• Purchase prize or acquisition prize: a monetary prize given in an art competition in exchange for the winning work.
• Winnings from an inducement prize contest, usually a reward for accomplishing a specific feat of use to the sponsor or society at large