Honours versus Money: The Economics of Awards

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Bruno S. Frey (Permanent Visiting Professor at the University of Basel and Research Director CREMA - Center for Research in Economics, Management and the Arts, Zurich) Jana Gallus (Assistant Professor, Assistant Professor, Anderson School of Management, University of California, Los Angeles (UCLA).)

Honours versus Money

The Economics of Awards

Bruno S. Frey (Permanent Visiting Professor at the University of Basel and Research Director CREMA - Center for Research in Economics, Management and the Arts, Zurich), Jana Gallus (Assistant Professor, Assistant Professor, Anderson School of Management, University of California, Los Angeles (UCLA).)

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English

Oxford University Press
07 September 2017

Sociology: work & labour; Behavioural economics; Working patterns & practices

Honours fulfil one of the most fundamental desires of human beings, namely, to be recognised and held in esteem by others. There are thousands of awards in all areas of society: the state, arts and media, sports, religion, the voluntary sector, academia, and business. Awards are well visible, can raise the recipients' intrinsic motivation and creativity, and establish a bond of loyalty to the giver. They have distinct advantages over money and other rewards. Presenting empirical evidence using modern statistical techniques Honours versus Money argues that awards can significantly raise performance in different contexts even if they are purely symbolic, recommending how this can be used in practice. It makes the case for reorienting our focus- away from the monetary or material dimensions of work and private life, and towards the symbolic dimensions to celebrate and shine a light on merit and achievement.

Honours versus Money discusses award bestowals in their different forms and facets, including as signals and as components of organisations' human resource strategies. It opens our perspective for motivational strategies beyond money, while also outlining their potential pitfalls.

By: Bruno S. Frey (Permanent Visiting Professor at the University of Basel and Research Director CREMA - Center for Research in Economics Management and the Arts Zurich), Jana Gallus (Assistant Professor, Assistant Professor, Anderson School of Management, University of California, Los Angeles (UCLA).)
Imprint: Oxford University Press
Country of Publication: United Kingdom
Dimensions: Height: 224mm, Width: 154mm, Spine: 15mm
Weight: 296g
ISBN: 9780198798507
ISBN 10: 0198798504
Pages: 144
Publication Date: 07 September 2017
Audience: College/higher education , Professional and scholarly , Primary , Undergraduate
Format: Hardback
Publisher's Status: Active

1: Why Awards? 2: Awards are Popular 3: Types of Awards 4: Awards and Academic Performance 5: Awards in the Voluntary Sector 6: Awards in Firms 7: Honours as Signals 8: The Challenge of Using Awards 9: What Do We Know?

Bruno S. Frey is Permanent Visiting Professor at the University of Basel and Research Director CREMA, Center for Research in Economics, Management and the Arts, Zurich. He studied economics at the Universities of Basel and Cambridge; Holds and PhD and became an Associate Professor at the University of Basel; Between 1970-1977 he was Full Professor at University Constance and 1977-2012 at the University Zurich. He is the author of a large number of articles in leading scholarly journals and of the following books: Not Just for the Money; Economics as a Science of Human Behaviour; Arts & Economics; Inspiring Economics; Dealing with Terrorism - Stick or Carrot?; Happiness: A Revolution in Economics. Jana Gallus is an Assistant Professor in the strategy group at UCLA, Anderson. Her research interests lie in behavioral economics and strategy, with a focus on nonfinancial incentives and their effects on human decision-making. Jana's work has been published in Management Science, Strategic Management Journal, Labour Economics, and Applied Economics, among other journals. Jana joined UCLA from Harvard, where she was a post-doctoral fellow. She received her PhD in Economics from the University of Zurich, with the distinction summa cum laude, and holds two Master's degrees, from Sciences Po Paris in France and the University of St. Gallen in Switzerland.

Reviews for Honours versus Money: The Economics of Awards

Frey and Gallus... agilely draw on the body of the economic literature to address and stimulate reflection and further research... including the advantages of awards, their popularity in history and today, typologies of awards, their applications to the fields of academia and to voluntary and corporate sectors, awards from the perspective of signalling, and challenges of using awards. * Eliisabetta Lazzaro, Journal of Cultural Economics *