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What is a consolation prize?

What is a consolation prize? Here are some definitions.

Noun
  1. An award given to persons or groups of people who do not win an event but are worthy of recognition, especially in a game show.
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Examples
After all, every child up to 18 months was entitled to a consolation prize.
But, the Moving piece was quite funny, Nic thought so anyway, so you can have a mention as a consolation prize.
Important questions still to be answered include: Is Aid for Trade a consolation prize for a failed Doha Agenda?
There has always been the consolation prize of a fabulous single talent trapped inside a duff squad.
The other close-but-not-quite-there bard will get a consolation prize of dining with me next week.
It might not be your experience, but it is the first time that I see us settling for the consolation prize.

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