Behavioral economics documents the importance of status and self-image concerns in the workplace, but is largely silent about how to instrumentalize them to induce effort. Awards - widespread in the corporate sector and elsewhere - are motivators that derive their value from such social...

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...

Awards play a large role in the economics profession, which is documented by the large variety and number of awards. However, little scientific attention has been devoted to them. This paper documents the prevalence of awards in the economics profession and analyzes the number and type of awards...

Non-monetary incentives in the form of awards have so far escaped the attention of economists despite their widespread use. This paper presents an experiment conducted online at IBM to assess the impact of these kinds of extrinsic incentives. Introducing a hypothetical award has statistically...