Does The John Bates Clark Medal Boost Subsequent Productivity?
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Despite their societal significance, academic study in economics has generally ignored them. This work explores whether a specialized, though significant, prize in economics, the John Bates Clark Medal, increases winners’ subsequent research activity and prestige in comparison to a synthetic control group of nonrecipient scholars with comparable past research performance. We discover evidence of positive incentive and status effects that increase productivity and citation levels.
Keywords: Synthetic control method, John Bates Clark Medal, Research, Incentives, Awards.
Awards are often used as both an incentive and a reward. From monarchy to republics, democracies to dictatorships, government systems present prizes to recognize remarkable individuals. Aside from the famous state medals and orders, we can see several more honors, such as decorations, titles, and prizes. Such delivery has a lengthy past, which dates back to at least the sixth century BC arts competitions and Greek theatrical. The medieval architecture contests are also well-known1. Currently, both the United States President and Congress confer resident decorations, the Presidential Medal of Freedom and Congressional Gold Medal are the most notable. In the military, there are several medals, the most notable include: Silver Stars, Bronze, and Purple Heart. Former communist nations are recognized for the numerous orders, medals, and titles conferred on their citizenry by their leaders. Aside from politics, awards have an important role in the media, sports, entertainment, and arts. There are notable instances in cinema literature and music.
Perhaps in the business sector, where money is apparently the only real currency, they highly consider titles like Manager of the Year, while formal recognition software is used to celebrate the best esteemed individuals in several organizations. Scientific and Academies institutes both depend on a diverse as well as elaborate method of rewards, including designations like senator or doctor of honorary. In mathematics, the most well-known Awards include; Fields Medal and the Nobel Prizes. There are several prominent fellowships available in systematic groups. Foreign Honorary Members and Distinguished Fellows are elected each year by the (AEA).
The rest of the essay is structured include the following: The second part covers the current award literature, the third segment defines the experiential study technique, while the fourth section describes the building of the synthetic group of non-recipient economists and the data. The econometric estimates are then reported in Section 5, accompanied by a robustness assessment in Section 6. Section 7 contains our last observations.
There is a lot of information out there about prizes. However, the majority of it concentrates on a descriptive approach to specific awards, such as the Order of the Garter or the Order of Merit. Cite and the Report of the Cite give extensive discussion and statistics on orders in the United Kingdom. Cite & Cite examines certain features of prizes in the arts and culture, such as the Academy Awards (Oscars) in cinema, the Booker Prize in literature, and the Eurovision Song Contest. Cite research on the Queen Elisabeth Music Competition, one of the most prominent international classical music contests.
Cite examines the top paper awards awarded by economics and finance journals in the realm of research. Cite investigate the factors that influence Econometric Society Fellowship elections. Sociology has evaluations of the more general phenomena of prizes. Except perhaps Cite’s seminal work and the few works mentioned above, economists have generally ignored prizes as a study issue. Among others who have since followed suit are the cite. Some economists have investigated similar concerns such as positional goods, incentives, and social standing. The work by cite on esteem is closely connected, but not from the subject of economics. Furthermore, the American Economic Association bestows the John Bates Clark Medal on a scientist under the age of forty who has delivered the most important source of economic theory and knowledge. Between 1947 through 2009, the John Bates Clark Medal was presented twice yearly, and since 2010, it has been granted yearly. Several of its honorees go on to win the Nobel Prize. Twelve of the 34 academics who have received the Clark Medal have gone on to win the Nobel Prize.
Despite their societal significance, scholarly study has mostly ignored them; presumably since their intransitive nature raises questions about their motivating efficiency when contrasted to better incentives including such monetary remuneration. The fact that they cannot be digested may make them unappealing to receivers, implying that they may not truly contribute to greater performance. Another reason for the omission is that rewards may be evaluated only for the enhanced future revenues they generate.
In the entertainment business, for instance, Oscar winners benefit from significant boosts in their following earnings. However, evidence suggests that the usefulness of rewards extends beyond monetary gains. As previously demonstrated, people cherish status and are prepared to forego financial benefit to get it. They regard rewards as status producers and assign monetary value to them.
This study investigates the possibilities raised above by concentrating on a specific but significant prize, the John Bates Clark Medal. It compares awardees (the treatment group) to a control group of non-awardee scholars with comparable past research performance. By assessing publications and citations of papers published prior to the award conferral, the report assesses if the honor boosts subsequent research effort and benefits the beholder through greater professional reputation.
Most notably, by assembling a synthetic group of economists, we may determine whether the bestowal of the Clark Medal only depicts the past activities of exceptionally brilliant young economists or if it significantly enhances productivity in the future. We discover that the latter is true and to a significant extent. We also investigate a status or Matthew effect the phenomenon that success fosters success as described by Merton as a misallocation of credit for scientific effort accruing of bigger increments of recognition for specific scientific achievements to individuals of significant fame. The John Bates Clark Medal, we think, raises the prominence of publications published by its awardees. Each publication written before obtaining the Clark award receives higher citations than articles published by researchers in the synthetic control group of non-recipients. Based on the finding, we infer that rewards in particular might have a good productivity as well as a prestige effect.
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