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,...

Awards are a widespread phenomenon. They cater to the fundamental desire for social recognition and serve as a valuable incentive to influence behaviour. The study of awards such as medals, prizes and titles has in recent years gained momentum in economics, complementing the longstanding focus...

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...