Title

Prizes versus Wages with Envy and Pride

Document Type

Discussion Paper

Publication Date

10-1-2005

CFDP Number

1537

CFDP Pages

25

Abstract

We show that if agents are risk neutral, prizes outperform wages when there is sufficient pride and envy relative to the noisiness of performance. If agents are risk averse, prizes are a necessary supplement to wages (as bonuses).

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