Academics Appreciate Awards - A New Aspect of Incentives in Research

26 Pages Posted: 23 Dec 2008

See all articles by Bruno S. Frey

Bruno S. Frey

CREMA; University of Basel

Susanne Neckermann

University of Zurich - Department of Economics

Date Written: December 1, 2008

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.

Keywords: Awards, Money, Incentives, Academia, Research

JEL Classification: C93, J33, M52

Suggested Citation

Frey, Bruno S. and Neckermann, Susanne, Academics Appreciate Awards - A New Aspect of Incentives in Research (December 1, 2008). CESifo Working Paper Series No. 2531. Available at SSRN: https://ssrn.com/abstract=1319323

Bruno S. Frey (Contact Author)

CREMA ( email )

Südstrasse 11
Zurich, CH 8008
Switzerland
+41 44 380 00 78 (Phone)

University of Basel ( email )

Peter Merian-Weg 6
Basel, 4002
Switzerland

Susanne Neckermann

University of Zurich - Department of Economics ( email )

Zuerich, 8006
Switzerland

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