Honours Versus Money The Economics of Awards

Honours fulfil one of the most fundamental desires of human beings, namely, to be recognised and held in esteem by others. 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 cansignificantly 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 materialdimensions of work and private life, and towards the symbolic dimensions to celebrate and shine a light on merit and achievement. It opens our perspective for motivational strategies beyond money, while also outlining their potential pitfalls.