Academics Appreciate Awards - A New Aspect of Incentives in Research

Bruno Frey and Susanne Neckermann

No 2531, CESifo Working Paper Series from CESifo

Abstract: This paper analyzes awards as a means of motivation prevalent in the scientific community, but so far neglected in the economic literature on incentives, and discusses their relationship to monetary compensation. Awards are better suited than performance pay to reward scientific tasks, which are typically of a vague nature. They derive their value, for instance, from signaling research talent to outsiders. Awards should therefore be taken seriously as a means of motivating research that may complement, or even substitute for, monetary incentives. While we discuss awards in the context of academia, our conclusions apply to other principal-agent settings as well.

Keywords: awards; money; incentives; academia; research (search for similar items in EconPapers)
JEL-codes: C93 J33 M52 (search for similar items in EconPapers)
Date: 2009
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

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Related works:
Working Paper: Academics Appreciate Awards. A New Aspect of Incentives in Research (2008)
Working Paper: Academics Appreciate Awards. A New Aspect of Incentives in Research (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:ces:ceswps:_2531

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