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I think it would be useful to have all the answerers notified when a bounty is initiated on a question to which they have previously answered.

If it's too many notifications, then a per-individual setting may be set to opt-out.

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A per-individual setting is not going to happen. SE doesn't like adding user settings. – animuson Sep 23 '12 at 16:15
Why? What's the point of this? – Shadow Wizard Sep 23 '12 at 16:16
The question is already 'known' to the answer-er. perhaps he may have acquired additional info on the topic since he answered. also it is always a good incentive to may be further research and improve an answer. – Ujjwal Singh Sep 23 '12 at 16:31

As animuson noted, a per-user setting is almost certainly not going to happen because SE tries hard to avoid having any settings as a design principle.

Setting that aside, a bounty implies that the current answers are inadequate --- otherwise there's no need for a bounty. Given that, notifying current answerers might even be undesirable. Yes, they know the question, but they already gave an inadequate answer to it so why ask them again?

If an answer were close to being right, but not quite, presumably the asker would notify the answerer via comments instead of placing a bounty.

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What if quite some time has passed - then it makes more sense - perhaps an answerer learnt some thing new. Thanks for your perspective. – Ujjwal Singh Oct 3 '12 at 8:31

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