Modelling academic research funding as a resource allocation problem

OK this is 5 years old but I have only just come accross it. From 2010 but modified 2014.

Geard, Nicholas and Noble, Jason (2010) Modelling academic research funding as a resource allocation problem. In, 3rd World Congress on Social Simulation, University of Kassel, Germany, 06 - 09 Sep 2010. (Submitted). 

Abstract:

Academic research funding is allocated through a competitive bidding process that may lead to inefficiency as excessive time is spent on proposal writing. We develop a simple agent-based model of the process and find that current systems are indeed likely to be inefficient. Alternative allocation schemes involving either a cap on individual effort or appraisal from the centre are indicated as improvements.

For code and paper see:  http://eprints.soton.ac.uk/271374/