Awards - A View From Psychological Economics
AbstractAwards 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.
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Bibliographic InfoPaper provided by Center for Research in Economics, Management and the Arts (CREMA) in its series CREMA Working Paper Series with number 2008-15.
Date of creation: Jun 2008
Date of revision:
Awards; compensation; incentives; principal-agent; honors and distinctions;
Other versions of this item:
- Bruno S. Frey & Susanne Neckermann, 2008. "Awards - A View from Psychological Economics," CREMA Working Paper Series 2008-02, Center for Research in Economics, Management and the Arts (CREMA).
- Bruno S. Frey & Susanne Neckermann, 2008. "Awards: A view from psychological economics," IEW - Working Papers 357, Institute for Empirical Research in Economics - University of Zurich.
- C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
- J33 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Compensation Packages; Payment Methods
- M52 - Business Administration and Business Economics; Marketing; Accounting - - Personnel Economics - - - Compensation and Compensation Methods and Their Effects
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