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Knight Fever: Towards an Economics of Awards

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Author Info
Bruno S. Frey

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Abstract

Awards in the form of orders, medals, decorations and titles are ubiquitous in monarchies and republics, private organizations, not-for-profit and profit-oriented firms. Nevertheless, economists have disregarded this kind of non-material extrinsic incentive. The demand for awards relies on an individual’s desire for distinction, and the supply of awards on the provision of incentives. Relative price and income effects are shown to be identifiable and strong. A number of empirically testable propositions are formulated. As awards are (at least so far) impossible to measure adequately, empirical tests are carried out using the technique of analytic narratives.

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Paper provided by Center for Research in Economics, Management and the Arts (CREMA) in its series CREMA Working Paper Series with number 2005-12.

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Date of creation: Apr 2005
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Handle: RePEc:cra:wpaper:2005-12

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Related research
Keywords: Incentives; motivation; awards; orders; distinction; principal-agent;

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Find related papers by JEL classification:
D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
D73 - Microeconomics - - Analysis of Collective Decision-Making - - - Bureaucracy; Administrative Processes in Public Organizations; Corruption
J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply
J33 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Compensation Packages; Payment Methods
L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
Z13 - Other Special Topics - - Cultural Economics - - - Social Norms and Social Capital; Social Networks Economic Anthropology

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Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Benno Torgler & Sascha L. Schmidt & Bruno S. Frey, 2006. "Relative Income Position and Performance: An Empirical Panel Analysis," Working Papers 2006.39, Fondazione Eni Enrico Mattei. [Downloadable!]
    Other versions:
  2. Tania Singer & Ernst Fehr, 2005. "The Neuroeconomics of Mind Reading and Empathy," IZA Discussion Papers 1647, Institute for the Study of Labor (IZA). [Downloadable!]
    Other versions:
  3. Bruno S. Frey & Susanne Neckermann, 2009. "Awards in Economics - Towards a New Field of Inquiry," CESifo Working Paper Series CESifo Working Paper No. , CESifo GmbH. [Downloadable!]
    Other versions:
  4. Ernst Fehr & Urs Fischbacher & University of Zurich, 2005. "Neuroeconomic Foundations of Trust and Social Preferences," IZA Discussion Papers 1641, Institute for the Study of Labor (IZA). [Downloadable!]
    Other versions:
  5. Matthew D. Rablen & Andrew J. Oswald, 2007. "Mortality and Immortality," IZA Discussion Papers 2560, Institute for the Study of Labor (IZA). [Downloadable!]
    Other versions:
  6. Falk, Armin & Fehr, Ernst & Zehnder, Christian, 2005. "The Behavioural Effects of Minimum Wages," CEPR Discussion Papers 5115, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  7. Benno Torgler & Justina A.V. Fischer, 2006. "Does Envy Destroy Social Fundamentals? The Impact of Relative Income Position on Social Capital," Working Papers 2006.38, Fondazione Eni Enrico Mattei. [Downloadable!]
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  8. Todd Kendall, 2009. "An empirical analysis of political activity in Hollywood," Journal of Cultural Economics, Springer, vol. 33(1), pages 19-47, February. [Downloadable!] (restricted)
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