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...

This paper analyzes awards as a means of motivation prevalent in the scientific community, but so far neglected in the economic literature on incentives, and discusses their relationship to monetary compensation. Awards are better suited than performance pay to reward scientific tasks, which are...

Modern economics includes two fundamentally different fields, each labelled ‘Cultural Economics’. The first type ‘Cultural Institutions’ deals with a specific sector of the economy and society, namely institutions in the performing arts, visual arts, and other forms of cultural industry....