Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/214326 
Authors: 
Year of Publication: 
2005
Series/Report no.: 
CREMA Working Paper No. 2005-12
Publisher: 
Center for Research in Economics, Management and the Arts (CREMA), Basel
Abstract: 
Awards in the form of orders, medals, decorations and titles are ubiquitous in monarchies and republics, private organizations, not-for-profit and profit-oriented firms. Nevertheless, economists have disregarded this kind of non-material extrinsic incentive. The demand for awards relies on an individual's desire for distinction, and the supply of awards on the provision of incentives. Relative price and income effects are shown to be identifiable and strong. A number of empirically testable propositions are formulated. As awards are (at least so far) impossible to measure adequately, empirical tests are carried out using the technique of analytic narratives.
Subjects: 
Incentives
motivation
awards
orders
distinction
principal-agent
JEL: 
D23
D73
J22
J33
L22
Z13
Document Type: 
Working Paper

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