The pric(z)e of hard work

Andrea Hammermann and Alwine Mohnen

Journal of Economic Psychology, 2014, vol. 43, issue C, 1-15

Abstract: Do non-monetary or monetary prizes induce the highest work performances in competitions? We conducted a real-effort lab experiment to test for differences in the effect of both incentives on work productivity. Our main findings are that the performances of subjects in pursuit of a monetary prize exceed those of subjects in pursuit of non-monetary incentives. However, the work quality and the retrospective feeling of having had fun at work, which is associated with the received prizes, decrease in combination with greater effort. Furthermore, a competition with monetary prizes appears to label winners and losers. If non-monetary prizes are used, losers are, to a certain extent, more able to adjust their feeling of satisfaction by changing the subjectively perceived prizes.

Keywords: Non-monetary incentives; Benefits; Work motivation; Experiment (search for similar items in EconPapers)
JEL-codes: C91 D03 J33 M52 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:joepsy:v:43:y:2014:i:c:p:1-15

DOI: 10.1016/j.joep.2014.04.003

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