Do non-monetary or monetary prizes induce the highest work performances in competitions? We conducted a real-effort lab experiment to test for differences in the effect of both incentives on work productivity. Our main ﬁndings are that the performances of subjects in pursuit of a monetary prize exceed those of subjects in pursuit of non-monetary incentives. However, the work quality and the retrospective feeling of having had fun at work, which is associated with the received prizes, decrease in combination with greater effort. Furthermore, a competition with monetary prizes appears to label winners and losers. If non-monetary prizes are used, losers are, to a certain extent, more able to adjust their feeling of satisfaction by changing the subjectively perceived prizes.