Principals bestow awards in different forms, such as orders, medals, decorations, badges, prizes, or titles. Our contribution focuses on the givers’ side of award bestowals and analyzes the distinct purposes that such bestowals serve. Awards have the potential to raise their recipients’ intrinsic motivation, while money is more likely to crowd it out. Awards establish special ties of loyalty between the givers and recipients. The threat of withdrawal by the givers, and rejection by recipients, serves as a mutual control mechanism on future behavior. Givers may bask in the reflected glory of well-known personalities whom they honor. They may exploit the expressive function of awards and signal to agents and the public what kind of attitude and behavior they value.