What happens in the situation when something Watson has "studied" gets proved wrong or inconclusive say 1 year later. Does Watson have a method to discount that and all subsequent chains based on that research?
My understanding is that if you feed the results of the research into the system then it would be there when the algorithms are run in future and from that point on, the results would be taking the research into account and it's answer would change.
Yes, the system works in a way similar to the Jeopardy Watson. It collects evidences, and weighs them based on their date and possibly source quality. So new results will displace older results at some point.