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Auszeichnungen: Ein vernachlässigter Anreiz

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Author Info
Bruno S. Frey
Susanne Neckermann

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Abstract

The standard principal agent model considers monetary incentives only. It is assumed that money is more efficient than other forms of material, non-monetary compensation. Awards in the form of titles, orders, medals and honors (prizes)- though almost omnipresent - have so far escaped the attention of economists. They present extrinsic, non-monetary incentives that operate through the innate desire of human beings for recognition and status. In this article, we analyse the differences between monetary incentives and awards: in general, awards are cheap, lead to interpersonal relationships, are not directly related to performance and have a signalling value. In addition, they support intrinsic motivation, may increase social welfare and are exempt from taxation. Awards present an important additional instrument to be considered in principal agent theory. In many contexts they are superior to monetary compensation. Copyright Verein für Socialpolitik und Blackwell Publishers Ltd, 2006

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1465-6493.2006.00209.x
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Article provided by Blackwell Publishing in its journal Perspektiven der Wirtschaftspolitik.

Volume (Year): 7 (2006)
Issue (Month): 2 (05)
Pages: 271-284
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Handle: RePEc:bla:perwir:v:7:y:2006:i:2:p:271-284

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  3. George A. Akerlof & Rachel E. Kranton, 2005. "Identity and the Economics of Organizations," Journal of Economic Perspectives, American Economic Association, vol. 19(1), pages 9-32, Winter. [Downloadable!] (restricted)
  4. Fehr, Ernst & Falk, Armin, 2002. "Psychological Foundations of Incentives," IZA Discussion Papers 507, Institute for the Study of Labor (IZA). [Downloadable!]
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  5. BENABOU, Roland & TIROLE, Jean, 2003. "Incentives and Prosocial Behavior," IDEI Working Papers 389, Institut d'Économie Industrielle (IDEI), Toulouse, revised Jan 2006. [Downloadable!]
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  6. Iris Bohnet & Robert Cooter, 2001. "Expressive Law: Framing or Equilibrium Selection?," Berkeley Olin Program in Law & Economics, Working Paper Series 1058, Berkeley Olin Program in Law & Economics. [Downloadable!]
  7. Patrick Bolton & Marco Becht & Alisa Roell, 2002. "Corporate Governance and Control," NBER Working Papers 9371, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  8. Holmstrom, Bengt & Milgrom, Paul, 1991. "Multitask Principal-Agent Analyses: Incentive Contracts, Asset Ownership, and Job Design," Journal of Law, Economics and Organization, Oxford University Press, vol. 7(0), pages 24-52, Special I.
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  10. Stutzer, Alois, 2004. "The role of income aspirations in individual happiness," Journal of Economic Behavior & Organization, Elsevier, vol. 54(1), pages 89-109, May. [Downloadable!] (restricted)
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  11. Lindbeck, Assar, 1985. "The Prize in Economic Science in Memory of Alfred Nobel," Journal of Economic Literature, American Economic Association, vol. 23(1), pages 37-56, March. [Downloadable!] (restricted)
  12. Bruno S. Frey & Margit Osterloh, 2005. "Yes, Managers Should Be Paid Like Bureaucrats," CESifo Working Paper Series CESifo Working Paper No. , CESifo GmbH. [Downloadable!]
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