Bruno S. Frey, Jana Gallus, 11 March 2015

Official awards are common in both monarchies and republics. Awards are bestowed not just by the state and the military, but also by cultural associations, academic institutions, and corporations. This column surveys the academic literature on the use of awards and their effect on motivation and performance. The authors argue that awards are a welcome means of honouring dedication and commitment. They delight their winners, motivate high performance, create role models – and come at low or even no cost.

Bruno S. Frey, Susanne Neckermann, 19 July 2008

Social recognition is a powerful force, and awards ranging from state orders to tournament prizes motivate people in fields ranging from from the arts to military service. Here is why economists should take note and study such incentives.

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