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.
Bruno S. Frey is Permanent Visiting Professor at the University of Basel and Research Director CREMA, Center for Research in Economics, Management and the Arts, Zurich. He studied economics at the Universities of Basel and Cambridge; Holds and PhD and became an Associate Professor at the University of Basel; Between 1970-1977 he was Full Professor at University Constance and 1977-2012 at the University Zurich. He is the author of a large number of articles in leading scholarly journals and of the following books: Not Just for the Money; Economics as a Science of Human Behaviour; Arts & Economics; Inspiring Economics; Dealing with Terrorism - Stick or Carrot?; Happiness: A Revolution in Economics. Jana Gallus is an Assistant Professor in the strategy group at UCLA, Anderson. Her research interests lie in behavioral economics and strategy, with a focus on nonfinancial incentives and their effects on human decision-making. Jana's work has been published in Management Science, Strategic Management Journal, Labour Economics, and Applied Economics, among other journals. Jana joined UCLA from Harvard, where she was a post-doctoral fellow. She received her PhD in Economics from the University of Zurich, with the distinction summa cum laude, and holds two Master's degrees, from Sciences Po Paris in France and the University of St. Gallen in Switzerland.