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Knight Fever towards an Economics of Awards


Frey, Bruno S (2005). Knight Fever towards an Economics of Awards. Working paper series / Institute for Empirical Research in Economics No. 239, University of Zurich.

Abstract

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

Abstract

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

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Additional indexing

Item Type:Working Paper
Communities & Collections:03 Faculty of Economics > Department of Economics
Working Paper Series > Institute for Empirical Research in Economics (former)
Dewey Decimal Classification:330 Economics
Language:English
Date:May 2005
Deposited On:29 Nov 2011 22:32
Last Modified:12 Aug 2017 12:57
Series Name:Working paper series / Institute for Empirical Research in Economics
ISSN:1424-0459
Official URL:http://www.econ.uzh.ch/wp.html

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