The pric(z)e of hard work: Different incentive effects of non-monetary and monetary prizes |
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Institution: | 1. Erasmus University Rotterdam, Netherlands;2. ZEW, Germany;3. Department of Economics, University of Zurich, Switzerland;4. Department of Corporate Management & Economics, Zeppelin University Friedrichshafen, Germany;5. CREMA - Center for Research in Economics, Management and the Arts, Switzerland |
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Abstract: | Do non-monetary or monetary prizes induce the highest work performances in competitions? We conducted a real-effort lab experiment to test for differences in the effect of both incentives on work productivity. Our main findings are that the performances of subjects in pursuit of a monetary prize exceed those of subjects in pursuit of non-monetary incentives. However, the work quality and the retrospective feeling of having had fun at work, which is associated with the received prizes, decrease in combination with greater effort. Furthermore, a competition with monetary prizes appears to label winners and losers. If non-monetary prizes are used, losers are, to a certain extent, more able to adjust their feeling of satisfaction by changing the subjectively perceived prizes. |
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Keywords: | Non-monetary incentives Benefits Work motivation Experiment |
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