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In your own words, summarise the article. What is the main message
of this article? [8 marks]
2. According to Authors, “Where performance can only be vaguely determined,
awards have a comparative advantage over monetary incentives.”-
in light of the article and based on your own research, please explain
why the authors suggest so. Can you provide a counter example of
the above statement? What is the di↵erence between the MonetaryCompensation and Awards in relation to designing of an incentive
mechanism? [8 marks]
3. Suppose you are a CEO of a garments company called ‘XYZ’. In your
company, there are ten mangers and one thousand workers, who are
working under ten di↵erent sections. Your objective is to maximise the
profit by increasing the performance of each section. Explain how do
you design an appropriate incentive mechanism to achieve your objective.
Do you provide the same incentive to both managers and workers
or di↵erent incentives to di↵erent levels of hierarchy ?[ 8 marks]
4. Each year we celebrate the achievement of eminent Australians through
the Australian of the Year Awards. Explain what is the main purpose
of such award and how does it influence our community? Can you
also provide two additional real world examples (other than the examples
mentioned in the attached article) where awards have significant
impacts in increasing welfare of the society? [8 marks]
5. In 2006 Nobel peace prize is awarded to Muhammad Yunus and Grameen
Bank; and in 2007 Nobel peace prize is awarded to Intergovernmental
Panel on Climate Change (IPCC) and Albert Arnold (Al) Gore Jr..
Can you explain what global norms are promoted by these awards and
how these norms may a↵ect the welfare of the world? [8 marks
