Knight fever: People care for awards

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.

If an alien were to look at the social life of people on earth, it would be stunned by the enormous number of awards in the form of orders, decorations, prizes, and titles. It would be hard pressed to find any area of society in which awards are not used. Awards are equally ubiquitous in monarchies as they are in staunch republics.

Topics: Frontiers of economic research
Tags: awards, incentives, monetary compensation, social recognition

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