"Bruno fray is an economist who has spent years studying how prizes shape human behavior, he works at the university of Basel in Switzerland, along with Yana Gallus, he is co author of the book honors versus money the economics of awards getting an award makes people feel good, but Bruno says the real benefits of awards I seen long after that initial glow wears off when people are given an award in general, they are likely to work bedtime to be more engaged to have as we say. Hi, intrinsic motivation that he's they like to work, and they like to do what they do and therefore contributing really to the social good and important reason awards. Have this affect is that they are deeply social a once a handed out in settings where you are surrounded by. Peers an award can make you feel appreciated by people whose opinions you value in. This regard an award is very different than a cash bonus. Normally at people are not allowed to say how large the bonuses they receive. So it is unknown to other people at while awards are always given in a ceremony sometimes a lavish one sometimes in smaller one, but it's always with other people around and the the person or the organization giving the award specifies exactly why the personal the organization gets the award and this emphasizes the X ordinary engagement of the people receiving the awards, and that tends to raise the intrinsic motivation because it's reconized because it's appreciated one of the things that you and others have learned. That people care intensely about the prestige that awards can confer perhaps even more than money prizes. Provide glory. I want to play you a clip from the world of golf. This is the 2017 PGA championship winner. Justin Thomas terms of this week. If I it's definitely not about the money and stuff and not about being better than anybody else. I like I said earlier I just like to win an I like trophy. So I I just wanna win to to to go when not only toward championship. But anytime you can win a year long race. And and be known as a champion of an entire year to be Bill. So that's that's me is what it'd be much excited about Bruno. Do you see other examples of people who actually prefer prestige and glory to to money? Yes, thou very many instances of that just consider if you want to invite a famous person, let's say coming from the US to Europe or from Europe to the US if that person. Has a high income already a good income, then it's very difficult to get people. There is an an ice example, namely Roach, a failure one of the famous Swiss he earns about ninety three million. And I don't think that you can induce him to go anywhere to get anything. But when you offer him in a nicer ward, you have a better chance to do that. I'm wondering about another area that you discuss in the book, which is it's not just a benefit to individuals who win awards, but there are benefits to organizations as well, especially if you're an organization that doesn't necessarily have a lot of money or you don't have the leeway to pay people. A lot of money awards are really a powerful way to increase motivation. Yes, indeed. And it also creates a bond of loyalty between the giver and the recipient. You cannot accept the order by the Queen of England. And then say, she's a silly woman or. Or I don't care about awards because then people say, why did you accept it? But people do accept awards. Of course, there are cases in which awards are not accepted. But in general people accept their words. And then there is a a new bond of loyalty especial relationship to the one who gives the award and that is also important in for profit capitalist enterprises. I'm wondering if this might be one of the reasons why you have so many awards in military service, especially because it's not just that you're conferring in a recognition on people who've done important things. But building those bonds of of relationships that connections between you know, superiors and subordinates that is actually essential for a successful military. Indeed. And especially in the military sector. It's difficult to define what a good soldier a good officer. Good journal must do because you cannot fix that. In advance. And so you must rely on the person's to do the right thing. Right. And how do you put a price on bravery or loyalty or integrity? Yes. That's not not possible because it is a bravery ten million dollars or five thousand dollars, or whatever doesn't know. While if you give an order and then in the ceremony you say, oh, yes. The soldiers did something beyond his duty. Something extraordinary that that is totally sufficient to make the recipient Mary happy."