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The power of awards


Frey, Bruno S; Gallus, Jana (2014). The power of awards. The economists’ voice, 11(1):1-5.

Abstract

Every economist worth his or her salt will tell you that monetary compensation is more efficient than all other forms of rewards. Awards have only received scant attention in the economics literature. Yet, they are ubiquitous. They can take many forms and include titles, prizes, orders, medals, and still other types of decorations. We outline the distinguishing characteristics of awards, especially in comparison to monetary rewards, show the potential risks and emphasize where awards are particularly useful.

Abstract

Every economist worth his or her salt will tell you that monetary compensation is more efficient than all other forms of rewards. Awards have only received scant attention in the economics literature. Yet, they are ubiquitous. They can take many forms and include titles, prizes, orders, medals, and still other types of decorations. We outline the distinguishing characteristics of awards, especially in comparison to monetary rewards, show the potential risks and emphasize where awards are particularly useful.

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Additional indexing

Item Type:Journal Article, not_refereed, original work
Communities & Collections:National licences > 142-005
Dewey Decimal Classification:330 Economics
Language:English
Date:7 January 2014
Deposited On:06 Oct 2018 11:37
Last Modified:24 Sep 2019 23:37
Publisher:Berkeley Electronic Press
ISSN:1553-3832
OA Status:Green
Publisher DOI:https://doi.org/10.1515/ev-2014-0002
Related URLs:https://www.swissbib.ch/Search/Results?lookfor=nationallicencegruyter101515ev20140002 (Library Catalogue)

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