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Honours versus Money: The Economics of Awards

Author

Listed:
  • Frey, Bruno

    (Permanent Visiting Professor at the University of Basel and Research Director CREMA - Center for Research in Economics, Management and the Arts, Zurich)

  • Gallus, Jana

    (Anderson School of Management, University of California)

Abstract

Honours fulfil one of the most fundamental desires of human beings, namely, to be recognised and held in esteem by others. There are thousands of awards in all areas of society: the state, arts and media, sports, religion, the voluntary sector, academia, and business. Awards are well visible, can raise the recipients' intrinsic motivation and creativity, and establish a bond of loyalty to the giver. They have distinct advantages over money and other rewards. Presenting empirical evidence using modern statistical techniques Honours versus Money argues that awards can significantly raise performance in different contexts even if they are purely symbolic, recommending how this can be used in practice. It makes the case for reorienting our focus- away from the monetary or material dimensions of work and private life, and towards the symbolic dimensions to celebrate and shine a light on merit and achievement. Honours versus Money discusses award bestowals in their different forms and facets, including as signals and as components of organisations' human resource strategies. It opens our perspective for motivational strategies beyond money, while also outlining their potential pitfalls.

Suggested Citation

  • Frey, Bruno & Gallus, Jana, 2017. "Honours versus Money: The Economics of Awards," OUP Catalogue, Oxford University Press, number 9780198798507.
    • Handle: RePEc:oxp:obooks:9780198798507
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    Citations

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    Cited by:

    1. Luo, Lianfa & Cheng, Zhiming & Ye, Qingqing & Cheng, Yanjun & Smyth, Russell & Yang, Zhiqing & Zhang, Le, 2023. "Nonmonetary Awards and Innovation: Evidence from Winning China's Top Brand Contest," GLO Discussion Paper Series 1345, Global Labor Organization (GLO).
    2. Franklin G. Mixon & Benno Torgler & Kamal P. Upadhyaya, 2022. "Committees or Markets? An Exploratory Analysis of Best Paper Awards in Economics," Economies, MDPI, vol. 10(5), pages 1-15, May.
    3. Georgellis, Yannis & Clark, Andrew E. & Apergis, Emmanuel & Robinson, Catherine, 2022. "Occupational status and life satisfaction in the UK: The miserable middle?," Journal of Economic Behavior & Organization, Elsevier, vol. 204(C), pages 509-527.
    4. Robinson, Carly D. & Gallus, Jana & Lee, Monica G. & Rogers, Todd, 2018. "The Demotivating Effect (and Unintended Message) of Retrospective Awards," Working Paper Series rwp18-020, Harvard University, John F. Kennedy School of Government.
    5. Chan, Ho Fai & Ulrich, Fabian & Altman, Hannah & Schmidt, Sascha L. & Schreyer, Dominik & Torgler, Benno, 2022. "Beyond performance? The importance of subjective and objective physical appearance in award nominations and receptions in football," Journal of Economic Behavior & Organization, Elsevier, vol. 204(C), pages 271-289.
    6. Bruno S. Frey, 2017. "Digitization, Measurement and the Unmeasurable," CESifo Working Paper Series 6783, CESifo.
    7. Luigino Bruni & Vittorio Pelligra & Tommaso Reggiani & Matteo Rizzolli, 2020. "The Pied Piper: Prizes, Incentives, and Motivation Crowding-in," Journal of Business Ethics, Springer, vol. 166(3), pages 643-658, October.
    8. Zhu, Wanying & Jin, Ching & Ma, Yifang & Xu, Cong, 2023. "Earlier recognition of scientific excellence enhances future achievements and promotes persistence," Journal of Informetrics, Elsevier, vol. 17(2).
    9. Dilger, Alexander, 2019. "Ökonomik und Ethik wissenschaftsinterner Gutachten," Discussion Papers of the Institute for Organisational Economics 3/2019, University of Münster, Institute for Organisational Economics.
    10. Sophie Clot & Marina Della Giusta & Amalia Di Girolamo, 2018. "Keep Calm and Carry on: Gender Differences in Endurance," Economics Discussion Papers em-dp2018-03, Department of Economics, University of Reading.
    11. Frey, Bruno S., 2017. "Research on Well-Being: Determinants, Effects, and its Relevance for Management," Die Unternehmung - Swiss Journal of Business Research and Practice, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 71(4), pages 358-367.
    12. Jérémy Celse & Bruno S. Frey & Gilles Grolleau & Naoufel Mzoughi, 2022. "The unexpected power of negative awards," Kyklos, Wiley Blackwell, vol. 75(3), pages 385-393, August.
    13. Bruno S. Frey, 2017. "Omnimetrics and Awards," CREMA Working Paper Series 2017-09, Center for Research in Economics, Management and the Arts (CREMA).
    14. Koessler, Ann-Kathrin & Torgler, Benno & Feld, Lars P. & Frey, Bruno S., 2019. "Commitment to pay taxes: Results from field and laboratory experiments," European Economic Review, Elsevier, vol. 115(C), pages 78-98.
    15. Roberta Sferrazzo, 2021. "The ‘Agapic Behaviors’: Reconciling Organizational Citizenship Behavior with the Reward System," Humanistic Management Journal, Springer, vol. 6(1), pages 19-35, April.
    16. Timothy Besley & Maitreesh Ghatak, 2018. "Prosocial Motivation and Incentives," Annual Review of Economics, Annual Reviews, vol. 10(1), pages 411-438, August.

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