Honours versus Money: The Economics of Awards - Hardcover

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)

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.