The standard principal agent model considers monetary incentives only. It is assumed that money is more efficient than …) - though almost omnipresent - have so far escaped the attention of economists. They present extrinsic, non-monetary incentives … differences between monetary incentives and awards: in general, awards are cheap, lead to interpersonal relationships, are not …

collection) is studied using the theory of property rights and the economic theory of bureaucracy. Both kinds of institutional …