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Awards in the digital world

Author

Listed:
  • Bruno S. Frey

    (University of Basel
    CREMA – Center for Research in Economics, Management and the Arts)

Abstract

The digital revolution has led to a quantification of ever more areas of human life and society. At the same time, there is an explosion of the number of awards, which by their very nature are based on non-quantified performance. Will quantification take over completely, leading to “omnimetrics”? The paper argues that this will not be the case. An economic explanation for the paradoxical existence of two totally different developments is offered: The value of awards is the higher, the stronger is the effort to quantify. The two developments depend on each other. The more digitized the world is, the more non-quantified and non-quantifiable aspects of life are cherished. Strongly increasing quantification not only raises the value of awards but also the importance of personal relationships, of friendship, love and admiration. While digitization will proceed and will determine increasingly larger parts of our lives, it is hypothesized that the non-quantified aspects of life will not disappear but flourish.

Suggested Citation

  • Bruno S. Frey, 2019. "Awards in the digital world," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 66(1), pages 29-36, March.
    • Handle: RePEc:spr:inrvec:v:66:y:2019:i:1:d:10.1007_s12232-018-0291-1
    DOI: 10.1007/s12232-018-0291-1
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    References listed on IDEAS

    as
    1. Bruno S. Frey, 2018. "Economics of Happiness," SpringerBriefs in Economics, Springer, number 978-3-319-75807-7, October.
    2. Bruno S. Frey, 1997. "Not Just for the Money," Books, Edward Elgar Publishing, number 1183.
    3. Edward P. Lazear, 2000. "Performance Pay and Productivity," American Economic Review, American Economic Association, vol. 90(5), pages 1346-1361, December.
    4. Jana Gallus & Bruno S. Frey, 2016. "Awards: A strategic management perspective," Strategic Management Journal, Wiley Blackwell, vol. 37(8), pages 1699-1714, August.
    5. Dan Ariely & Uri Gneezy & George Loewenstein & Nina Mazar, 2009. "Large Stakes and Big Mistakes," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 76(2), pages 451-469.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Mahyuddin K. M. Nasution, 2022. "World on Data Perspective," World, MDPI, vol. 3(3), pages 1-17, September.

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    More about this item

    Keywords

    Awards; Digital world; Quantification; Rankings; Ratings; Intrinsic motivation;
    All these keywords.

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • C80 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - General
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • Z10 - Other Special Topics - - Cultural Economics - - - General

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