Awards - A View From Psychological Economics

Bruno S. Frey () and Susanne Neckermann

CREMA Working Paper Series from Center for Research in Economics, Management and the Arts (CREMA)

Abstract: Awards in the form of orders, decorations, prizes, and titles are ubiquitous in monarchies and republics, private organizations, not-for-profit, and profit-oriented firms. This paper argues that awards present a unique combination of different stimuli and that they are distinct and unlike other monetary and non-monetary rewards. Despite their relevance in all areas of life awards have not received much scientific attention. We propose to study awards and present results on a vignette experiment that quantifies and isolates the effects of different award characteristics such as the publicity associated with winning an award. Further, employing a unique data set, we demonstrate that there are substantial differences in the intensity of usage of awards across countries.

Keywords: Awards; compensation; incentives; principal-agent; honors and distinctions (search for similar items in EconPapers)
JEL-codes: C93 J33 M52 (search for similar items in EconPapers)
Date: Written 2008-06
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Related works:
Working Paper: Awards - A View from Psychological Economics (2008)
Working Paper: Awards: A view from psychological economics (2008)
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