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Perspectives on Psychological Science 2006 (does not cite EMR), abstract:

"Awards in the form of orders, medals, decorations, prizes, and titles are ubiquitous in monarchies and republics, private organizations, and not-for-profit and profit-oriented firms. Nevertheless, this kind of nonmaterial extrinsic incentive has been given little attention in the social sciences, including psychology. The demand for awards relies on an individual’s desire for distinction, and the supply of awards is governed by the desire to motivate. The technique of analytic narratives is used to show that a number of empirically testable propositions about awards are consistent with observable data."

European Management Review 2007 (does not cite PPS), abstract:

"Awards are non-material, extrinsic compensation taking the form of orders, medals, decorations and prizes. They have been widely used in monarchies and republics, private organizations, not-for-profit and profit-oriented firms. Nevertheless, they have so far not received much attention. This paper develops empirically testable hypotheses, analysing the determinants of the supply of awards. The hypotheses refer to the possibility of using awards, the effectiveness of awards, and the capacity to maintain the scarcity value of awards. As the number of awards bestowed cannot (at least so far) be measured adequately, empirical evidence is adduced by way of illustrative examples."

With Susanne NeckermannEdit

Perspektiven der Wirtschaftspolitik 2006, abstract:

"The standard principal agent model considers monetary incentives only. It is assumed that money is more efficient than other forms of material, non-monetary compensation. Awards in the form of titles, orders, medals and honors (prizes)– though almost omnipresent – have so far escaped the attention of economists. They present extrinsic, non-monetary incentives that operate through the innate desire of human beings for recognition and status. In this article, we analyse the differences between monetary incentives and awards: in general, awards are cheap, lead to interpersonal relationships, are not directly related to performance and have a signalling value. In addition, they support intrinsic motivation, may increase social welfare and are exempt from taxation. Awards present an important additional instrument to be considered in principal agent theory. In many contexts they are superior to monetary compensation."

Journal of Psychology 2008 (does not cite previous paper), 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 nonmonetary rewards. Despite their relevance in all areas of life, awards have not received much scientific attention. Employing a unique data set, we demonstrate that there are substantial differences in the frequency of awards across countries. Moreover, we present the results of a vignette experiment that quantifies and isolates the effects of different award characteristics such as the publicity associated with winning an award."

Rationality, Markets and Morals 2009 (does not cite the other papers), abstract:

"Awards are prevalent in all societies and at all times. So far, however, they have escaped the attention of economists. This paper presents a first analysis of awards, distinguishing them from purely monetary forms of rewards. Additionally, popular notions about the use and prevalence of awards are addressed with descriptive statistics from the International Who’s Who."

Economists' Voice 2009 (does not cite the previous papers), first paragraph: "Awards in the form of orders, decorations, prizes, and titles are non-material, extrinsic incentives. The Economist recently featured an article on the British honors system titled “A ridiculous, outdated system that cannot be improved upon,” recognizing that “a quick glance around the globe suggests that fancy decorations are virtually universal.” Despite the prevalence of awards, economists have largely disregarded them."


Frey, Bruno S. (2006) "Giving and Receiving Awards", Perspectives on Psychological Science 1(4) 377-388, doi: 10.1111/j.1745-6916.2006.00022.x

Frey, Bruno S. (2007) "Awards as compensation", European Management Review 4(1) 6–14, DOI: 10.1057/palgrave.emr.15000682007

Frey, Bruno S., Susanne Neckermann (2006) "Auszeichnungen: Ein vernachlässigter Anreiz", Perspektiven der Wirtschaftspolitik 7(2), 271–284. DOI: 10.1111/j.1465-6493.2006.00209.x

Frey, Bruno S., Susanne Neckermann (2008) "Awards A View from Psychological Economics", Zeitschrift für Psychologie / Journal of Psychology 216(4) 198-208. DOI 10.1027/0044-3409.216.4.198

Frey, Bruno S., Susanne Neckermann (2009) "Abundant but Neglected: Awards as Incentives", The Economists' Voice. 6(2), DOI: 10.2202/1553-3832.1378.

Frey, Bruno S., Susanne Neckermann (2009) "Awards: A Disregarded Source of Motivation", Rationality, Markets and Morals 0, ed. by M. Baurmann & B. Lahno, 177-182.

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