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Academics Appreciate Awards. A New Aspect of Incentives in Research

Author Info

  • 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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Paper provided by Institute for Empirical Research in Economics - University of Zurich in its series IEW - Working Papers with number 400.

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Date of creation: Dec 2008
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Handle: RePEc:zur:iewwpx:400
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Keywords: Awards; Money; Incentives; Academia; Research;

Other versions of this item:

Find related papers by 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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  1. Auriol, Emmanuelle & Renault, Régis, 2007. "Status and Incentives," IDEI Working Papers 451, Institut d'Économie Industrielle (IDEI), Toulouse.
  2. repec:dgr:uvatin:20080082 is not listed on IDEAS
  3. Roland Benabou & Jean Tirole, 2003. "Intrinsic and Extrinsic Motivation," Review of Economic Studies, Wiley Blackwell, vol. 70(3), pages 489-520, 07.
  4. Bruno S. Frey & Reto Jegen, 2000. "Motivation Crowding Theory: A Survey of Empirical Evidence," CESifo Working Paper Series 245, CESifo Group Munich.
  5. 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, vol. 61(1), pages 1-22, 03.
  6. Bruno S. Frey & Alois Stutzer, 2001. "What Can Economists Learn from Happiness Research?," CESifo Working Paper Series 503, CESifo Group Munich.
  7. 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).
  8. repec:spr:compst:v:61:y:2005:i:1:p:1-22 is not listed on IDEAS
  9. Gneezy, Uri & Rustichini, Aldo, 2000. "A Fine is a Price," The Journal of Legal Studies, University of Chicago Press, vol. 29(1), pages 1-17, January.
  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. Timothy Besley & Maitreesh Ghatak, 2008. "Status incentives," LSE Research Online Documents on Economics 5913, London School of Economics and Political Science, LSE Library.
  12. 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.
  13. 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).
  14. Waldfogel, Joel, 1993. "The Deadweight Loss of Christmas," American Economic Review, American Economic Association, vol. 83(5), pages 1328-36, December.
  15. Bruno S. Frey, 2005. "Knight Fever: Towards an Economics of Awards," CREMA Working Paper Series 2005-12, Center for Research in Economics, Management and the Arts (CREMA).
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Cited by:

  1. 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).
  2. Lars P. Feld & Sarah Necker & Bruno S. Frey, 2014. "Happiness of Economists," CESifo Working Paper Series 5099, CESifo Group Munich.
  3. Singh, Prakarsh, 2011. "Performance Pay and Information: Reducing Child Malnutrition in Urban Slums," MPRA Paper 29403, University Library of Munich, Germany.
  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.

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