Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/26576
Authors: 
Frey, Bruno S.
Neckermann, Susanne
Year of Publication: 
2009
Series/Report no.: 
CESifo working paper 2531
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.
Subjects: 
Awards
money
incentives
academia
research
JEL: 
C93
J33
M52
Document Type: 
Working Paper

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