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Honours versus Money - The Economics of Awards | Oxford Scholarship Online
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Honours versus Money: The Economics of Awards

Bruno S. Frey and Jana Gallus


Honours fulfil one of the most fundamental desires of human beings, to be recognized and held in esteem by others. There are thousands of awards in all areas of society: the state (orders), arts and media, sports, religion, the voluntary sector, academia, and business. The book presents empirical evidence using modern statistical techniques to argue that awards affect the motivation of recipients. They can significantly raise performance in different contexts (e.g. in academia, the voluntary and for-profit sectors)—even if they are purely symbolic. Overall, honours are shown to be a useful int ... More

Keywords: honours, awards, motivation, performance, monetary incentives, pay-for-performance, bonuses, arts, voluntary sector, academia, business

Bibliographic Information

Print publication date: 2017 Print ISBN-13: 9780198798507
Published to Oxford Scholarship Online: August 2017 DOI:10.1093/oso/9780198798507.001.0001


Affiliations are at time of print publication.

Bruno S. Frey, author
Permanent Visiting Professor at the University of Basel and Research Director CREMA - Center for Research in Economics, Management and the Arts, Zurich

Jana Gallus, author
Assistant Professor, Anderson School of Management, University of California