Frey, Bruno S.; Neckermann, Susanne - In: Perspektiven der Wirtschaftspolitik 7 (2006) 2, pp. 271-284
The standard principal agent model considers monetary incentives only. It is assumed that money is more efficient than other forms of material, non-monetary compensation. Awards in the form of titles, orders, medals and honors (prizes)- though almost omnipresent - have so far escaped the...