Bruno Frey and Jana Gallus: Honours versus money. The economics of awards

Oxford UP, 2017, ISBN: 9780198798507
  • Elisabetta Lazzaro
Book Review

Each of us may recall significant life and professional experiences when, since children, we have been the recipients (or not) or the givers of even small prizes, awards, honours and other forms of material and immaterial acknowledgment of our behaviours or achievements. Awards have pervaded individuals’ and organisations’ existence since ages. Awards are good for, among others, self-esteem, motivation and future performance. From an economic perspective, as the book by Bruno Frey and Jana Gallus Honours versus Money. The Economics of Awardsgenerally aims at, it becomes important to understand the reasons and advantages of awards, as well as their desired and undesired effects relative to the money incentive. Whenever they are accompanied by money or not, these forms of symbolic compensation and recognition can represent an effective alternative to costly monetary compensations (such as raising wages and bonuses of top management in the for-profit sector) and gifts, and even be more...

Copyright information

© Springer Science+Business Media, LLC, part of Springer Nature 2018

Authors and Affiliations

  1. 1.Department of Creative EconomyHKU University of the Arts UtrechtUtrechtThe Netherlands

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