Awards: A view from psychological economics

Bruno Frey and Susanne Neckermann

No 357, IEW - Working Papers from Institute for Empirical Research in Economics - University of Zurich

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: 2008-01
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Citations: View citations in EconPapers (38)

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Working Paper: Awards - A View from Psychological Economics (2008)
Working Paper: Awards - A View From Psychological Economics (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:zur:iewwpx:357

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