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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.

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

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    13. Susanne Neckermann & Bruno S. Frey, 2008. "Awards as Incentives," IEW - Working Papers 334, Institute for Empirical Research in Economics - University of Zurich.
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    Cited by:

    1. Lars P. Feld & Sarah Necker & Bruno S. Frey, 2015. "Happiness of economists," Applied Economics, Taylor & Francis Journals, vol. 47(10), pages 990-1007, February.
    2. Ho Fai Chan & Benno Torgler, 2012. "Econometric Fellows and Nobel Laureates in Economics," Economics Bulletin, AccessEcon, vol. 32(4), pages 3365-3377.
    3. Singh, Prakarsh, 2011. "Performance Pay and Information: Reducing Child Malnutrition in Urban Slums," MPRA Paper 29403, University Library of Munich, Germany.
    4. Juntao Zheng & Niancai Liu, 2015. "Mapping of important international academic awards," Scientometrics, Springer;Akadémiai Kiadó, vol. 104(3), pages 763-791, September.
    5. Lars P. Feld & Sarah Necker & Bruno S. Frey, 2014. "Happiness of Economists," CESifo Working Paper Series 5099, CESifo.
    6. 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.

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    More about this item

    Keywords

    Awards; Money; Incentives; Academia; Research;
    All these keywords.

    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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