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Academics Appreciate Awards. A New Aspect of Incentives in Research

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  • Bruno S. Frey
  • Susanne Neckermann

Abstract

This paper analyzes awards as a means of motivation prevalent in the scientific community, but so far neglected in the economic literature on incentives, and discusses their relationship to monetary compensation. Awards are better suited than performance pay to reward scientific tasks, which are typically of a vague nature. They derive their value, for instance, from signaling research talent to outsiders. Awards should therefore be taken seriously as a means of motivating research that may complement, or even substitute for, monetary incentives. While we discuss awards in the context of academia, our conclusions apply to other principal-agent settings as well.

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Bibliographic Info

Paper provided by Center for Research in Economics, Management and the Arts (CREMA) in its series CREMA Working Paper Series with number 2008-32.

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Date of creation: Nov 2008
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Handle: RePEc:cra:wpaper:2008-32

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Keywords: Awards; Money; Incentives; Academia; Research;

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References

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  1. Roland Bénabou & Jean Tirole, 2003. "Intrinsic and Extrinsic Motivation," Review of Economic Studies, Oxford University Press, vol. 70(3), pages 489-520.
  2. Timothy Besley & Maitreesh Ghatak, 2008. "Status incentives," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library 5913, London School of Economics and Political Science, LSE Library.
  3. Bruno S. Frey, . "Knight Fever towards an Economics of Awards," IEW - Working Papers 239, Institute for Empirical Research in Economics - University of Zurich.
  4. Renault, Régis & Auriol, Emmanuelle, 2008. "Status and incentives," Economics Papers from University Paris Dauphine 123456789/12479, Paris Dauphine University.
  5. Robert Dur, 2008. "Gift Exchange in the Workplace," Tinbergen Institute Discussion Papers 08-082/1, Tinbergen Institute.
  6. C. Gavrila & J.P. Caulkins & G. Feichtinger & G. Tragler & R.F. Hartl, 2005. "Managing the reputation of an award to motivate performance," Computational Statistics, Springer, Springer, vol. 61(1), pages 1-22, 03.
  7. Bruno S. Frey & Reto Jegen, 2000. "Motivation Crowding Theory: A Survey of Empirical Evidence," CESifo Working Paper Series 245, CESifo Group Munich.
  8. Uri Gneezy & Aldo Rustichini, 2000. "A fine is a price," Natural Field Experiments 00258, The Field Experiments Website.
  9. Susanne Neckermann & Bruno S. Frey, 2008. "Awards as Incentives," IEW - Working Papers 334, Institute for Empirical Research in Economics - University of Zurich.
  10. Canice Prendergast, 1999. "The Provision of Incentives in Firms," Journal of Economic Literature, American Economic Association, vol. 37(1), pages 7-63, March.
  11. Bruno S. Frey & Alois Stutzer, . "What can Economists Learn from Happiness Research?," IEW - Working Papers 080, Institute for Empirical Research in Economics - University of Zurich.
  12. repec:nbr:nberwo:13317 is not listed on IDEAS
  13. Waldfogel, Joel, 1993. "The Deadweight Loss of Christmas," American Economic Review, American Economic Association, vol. 83(5), pages 1328-36, December.
  14. Stutzer, Alois & Frey, Bruno S., 2006. "What Happiness Research Can Tell Us About Self-Control Problems and Utility Misprediction," IZA Discussion Papers 1952, Institute for the Study of Labor (IZA).
  15. Susanne Neckermann & Reto Cueni & Bruno S. Frey, 2009. "What is an Award Worth? An Econometric Assessment of the Impact of Awards on Employee Performance," CESifo Working Paper Series 2657, CESifo Group Munich.
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Cited by:
  1. Feld, Lars P. & Necker, Sarah & Frey, Bruno S., 2013. "Happiness of economists," Freiburg Discussion Papers on Constitutional Economics 13/7, Walter Eucken Institut e.V..
  2. Hasan, Syed Akif & Subhani, Muhammad Imtiaz, 2011. "Relationship between Various Employee Performance Recognition Techniques and Customer Satisfaction: Evidence from the Restaurant Industry of Pakistan," MPRA Paper 34759, University Library of Munich, Germany.
  3. Ho Fai Chan & Benno Torgler, 2012. "Econometric Fellows and Nobel Laureates in Economics," CREMA Working Paper Series 2012-13, Center for Research in Economics, Management and the Arts (CREMA).
  4. Singh, Prakarsh, 2011. "Performance Pay and Information: Reducing Child Malnutrition in Urban Slums," MPRA Paper 29403, University Library of Munich, Germany.

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