Pay-for-success contracts, also known as social impact bonds, have been widely touted as a clever way to fill the funding gap plaguing social programs by attracting a tranche of the trillions of dollars in private return-seeking capital. Although that scenario is not likely, the pay-for-success model will have a positive impact, just not in the way that many proponents think.
Rangan, V. K., & Chase, L. A. (2015). The Payoff of Pay-for-Success. Stanford Social Innovation Review, 13(4), 28–38. https://doi.org/10.48558/RDHQ-5W31
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