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Academics Appreciate Awards. A New Aspect of Incentives in Research

Author

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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.

Suggested Citation

  • Bruno S. Frey & Susanne Neckermann, 2008. "Academics Appreciate Awards. A New Aspect of Incentives in Research," CREMA Working Paper Series 2008-32, Center for Research in Economics, Management and the Arts (CREMA).
  • Handle: RePEc:cra:wpaper:2008-32
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    References listed on IDEAS

    as
    1. Gneezy, Uri & Rustichini, Aldo, 2000. "A Fine is a Price," The Journal of Legal Studies, University of Chicago Press, pages 1-17.
    2. Bruno S. Frey & Alois Stutzer, 2002. "What Can Economists Learn from Happiness Research?," Journal of Economic Literature, American Economic Association, pages 402-435.
    3. Timothy Besley & Maitreesh Ghatak, 2008. "Status Incentives," American Economic Review, American Economic Association, pages 206-211.
    4. Uri Gneezy & Aldo Rustichini, 2000. "Pay Enough or Don't Pay at All," The Quarterly Journal of Economics, Oxford University Press, pages 791-810.
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    6. C. Gavrila & J.P. Caulkins & G. Feichtinger & G. Tragler & R.F. Hartl, 2005. "Managing the reputation of an award to motivate performance," Mathematical Methods of Operations Research, Springer;Gesellschaft für Operations Research (GOR);Nederlands Genootschap voor Besliskunde (NGB), pages 1-22.
    7. Uri Gneezy & Aldo Rustichini, 2000. "Pay Enough or Don't Pay at All," The Quarterly Journal of Economics, Oxford University Press, pages 791-810.
    8. Canice Prendergast, 1999. "The Provision of Incentives in Firms," Journal of Economic Literature, American Economic Association, pages 7-63.
    9. Bruno S. Frey & Reto Jegen, 2000. "Motivation Crowding Theory: A Survey of Empirical Evidence," CESifo Working Paper Series 245, CESifo Group Munich.
    10. 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).
    11. Robert Dur, 2008. "Gift Exchange in the Workplace," Tinbergen Institute Discussion Papers 08-082/1, Tinbergen Institute.
    12. Bruno S. Frey & Katja Rost, 2010. "Do rankings reflect research quality?," Journal of Applied Economics, Universidad del CEMA, vol. 13, pages 1-38, May.
    13. Waldfogel, Joel, 1993. "The Deadweight Loss of Christmas," American Economic Review, American Economic Association, pages 1328-1336.
    14. Zhijun Chen & Patrick Rey, 2013. "On the Design of Leniency Programs," Journal of Law and Economics, University of Chicago Press, vol. 56(4), pages 917-957.
    15. Bruno S. Frey, 2005. "Knight Fever – Towards an Economics of Awards," CESifo Working Paper Series 1468, CESifo Group Munich.
    16. Roland Bénabou & Jean Tirole, 2003. "Intrinsic and Extrinsic Motivation," Review of Economic Studies, Oxford University Press, vol. 70(3), pages 489-520.
    17. Anonymous, 2007. "NAREA Awards," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 36(2), October.
    18. Angus Deaton, 2010. "Income, Aging, Health and Well-Being around the World: Evidence from the Gallup World Poll," NBER Chapters,in: Research Findings in the Economics of Aging, pages 235-263 National Bureau of Economic Research, Inc.
    19. Timothy Besley & Maitreesh Ghatak, 2008. "Status Incentives," American Economic Review, American Economic Association, pages 206-211.
    20. Bruno S. Frey & Susanne Neckermann, 2008. "Academics Appreciate Awards. A New Aspect of Incentives in Research," IEW - Working Papers 400, Institute for Empirical Research in Economics - University of Zurich.
    21. 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.
    22. Susanne Neckermann & Bruno S. Frey, 2008. "Awards as Incentives," CREMA Working Paper Series 2008-31, Center for Research in Economics, Management and the Arts (CREMA).
    23. Bruno S. Frey, "undated". "Knight Fever towards an Economics of Awards," IEW - Working Papers 239, Institute for Empirical Research in Economics - University of Zurich.
    24. Emmanuelle Auriol & Régis Renault, 2008. "Status and incentives," RAND Journal of Economics, RAND Corporation, pages 305-326.
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    26. Doz, Catherine & Giannone, Domenico & Reichlin, Lucrezia, 2011. "A two-step estimator for large approximate dynamic factor models based on Kalman filtering," Journal of Econometrics, Elsevier, pages 188-205.
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    Citations

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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. Lars P. Feld & Sarah Necker & Bruno S. Frey, 2015. "Happiness of economists," Applied Economics, Taylor & Francis Journals, vol. 47(10), pages 990-1007, February.
    3. Ho Fai Chan & Benno Torgler, 2012. "Econometric Fellows and Nobel Laureates in Economics," Economics Bulletin, AccessEcon, pages 3365-3377.
    4. 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.
    5. Singh, Prakarsh, 2011. "Performance Pay and Information: Reducing Child Malnutrition in Urban Slums," MPRA Paper 29403, University Library of Munich, Germany.
    6. repec:spr:scient:v:104:y:2015:i:3:d:10.1007_s11192-015-1613-7 is not listed on IDEAS

    More about this item

    Keywords

    Awards; Money; Incentives; Academia; Research;

    JEL classification:

    • 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 - - Personnel Economics - - - Compensation and Compensation Methods and Their Effects

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