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Awards: A View from Psychological Economics

Bruno S. Frey
University of Zurich - Faculty of Business Administration - Institute for Empirical Research in Economics (IEW); CESifo (Center for Economic Studies and Ifo Institute for Economic Research); Swiss Federal Institute of Technology Zurich

Susanne Neckermann
University of Zurich - Faculty of Business Administration - Institute for Empirical Research in Economics (IEW)

January 2008

University of Zurich Institute for Empirical Research in Economics Working Paper No. 357

Abstract:
Awards in the form of orders, decorations, prizes, and titles are ubiquitous in monarchies and republics, private organizations, not-for-profit, and profit-oriented firms. This paper argues that awards present a unique combination of different stimuli and that they are distinct and unlike other monetary and non-monetary rewards. Despite their relevance in all areas of life awards have not received much scientific attention. We propose to study awards and present results on a vignette experiment that quantifies and isolates the effects of different award characteristics such as the publicity associated with winning an award. Further, employing a unique data set, we demonstrate that there are substantial differences in the intensity of usage of awards across countries.

Keywords: Awards, compensation, incentives, principal-agent, honors and distinctions

JEL Classifications: C93, J33, M52

Working Paper Series

Date posted: January 25, 2008 ; Last revised: January 25, 2008

Suggested Citation

Frey, Bruno S. and Neckermann, Susanne, Awards: A View from Psychological Economics (January 2008). University of Zurich Institute for Empirical Research in Economics Working Paper No. 357. Available at SSRN: http://ssrn.com/abstract=1087043

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Contact Information

Bruno S. Frey (Contact Author) University of Zurich - Faculty of Business Administration - Institute for Empirical Research in Economics (IEW) ( email ) Winterthurerstrasse 30 CH-8006 Zurich Switzerland +41 44 634 37 31 (Phone) +41 44 634 35 99 (Fax)
CESifo (Center for Economic Studies and Ifo Institute for Economic Research) Poschinger Str. 5 DE-81679 Munich Germany HOME PAGE: http://www.CESifo.de
Swiss Federal Institute of Technology Zurich ( email ) Zürichbergstrasse 18 8092 Zurich CH-1015 Switzerland
Susanne Neckermann University of Zurich - Faculty of Business Administration - Institute for Empirical Research in Economics (IEW) ( email ) Bluemlisalpstrasse 10 CH-8006 Zurich 8006 Switzerland