Knight Fever: Towards an Economics of Awards

Arbeitspapier

Awards in the form of orders, medals, decorations and titles are ubiquitous in monarchies and republics, private organizations, not-for-profit and profit-oriented firms. Nevertheless, economists have disregarded this kind of non-material extrinsic incentive. The demand for awards relies on an individual's desire for distinction, and the supply of awards on the provision of incentives. Relative price and income effects are shown to be identifiable and strong. A number of empirically testable propositions are formulated. As awards are (at least so far) impossible to measure adequately, empirical tests are carried out using the technique of analytic narratives.

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• Language: Englisch

References and Relationships

• Bibliographic citation: Series: CREMA Working Paper ; No. 2005-12

Classification and Topics

• Classification: Wirtschaft ; Organizational Behavior; Transaction Costs; Property Rights ; Bureaucracy; Administrative Processes in Public Organizations; Corruption ; Time Allocation and Labor Supply ; Compensation Packages; Payment Methods ; Firm Organization and Market Structure ; Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification
• Subject: Incentives ; motivation ; awards ; orders ; distinction ; principal-agent

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Frey, Bruno S.
• Event: Veröffentlichung
• (who): Center for Research in Economics, Management and the Arts (CREMA)
• (where): Basel
• (when): 2005

Further information

• Handle: http://hdl.handle.net/10419/214326