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The Power of Awards


  • Frey Bruno S.


  • Gallus Jana

    (Department of Economics, University of Zurich, Hottingerstrasse 10, 8032 Zurich, Switzerland)


Every economist worth his or her salt will tell you that monetary compensation is more efficient than all other forms of rewards. Awards have only received scant attention in the economics literature. Yet, they are ubiquitous. They can take many forms and include titles, prizes, orders, medals, and still other types of decorations. We outline the distinguishing characteristics of awards, especially in comparison to monetary rewards, show the potential risks and emphasize where awards are particularly useful.

Suggested Citation

  • Frey Bruno S. & Gallus Jana, 2014. "The Power of Awards," The Economists' Voice, De Gruyter, vol. 11(1), pages 1-5, November.
  • Handle: RePEc:bpj:evoice:v:11:y:2014:i:1:p:5:n:4

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