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WP-20-009.pdf

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http://eprints.org/relation/isVersionOf https://pure.iiasa.ac.at/id/document/90647 http://eprints.org/relation/isVolatileVersionOf https://pure.iiasa.ac.at/id/document/90647 http://eprints.org/relation/issmallThumbnailVersionOf https://pure.iiasa.ac.at/id/document/90647 90652 1 262369 document 90652 indexcodes.txt text/x-c++ ec6171078e701c064a2fa3e4bf569c0b MD5 13135 2020-07-01 09:12:51 https://pure.iiasa.ac.at/id/eprint/16534/6/indexcodes.txt 16534 6 6 text/x-c++ other Generate index codes conversion from text to indexcodes en public

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http://eprints.org/relation/isVersionOf https://pure.iiasa.ac.at/id/document/90647 http://eprints.org/relation/isVolatileVersionOf https://pure.iiasa.ac.at/id/document/90647 http://eprints.org/relation/isIndexCodesVersionOf https://pure.iiasa.ac.at/id/document/90647 archive 353 disk0/00/01/65/34 2020-07-01 09:05:42 2021-08-27 17:33:10 2020-07-01 09:05:42 monograph show 1 Yegorov Y. Wirl F. Grass D. 2248 Eigruber M. Feichtinger G. Elena Rovenskaya, Program Director Advanced Systems Analysis pub prog_asa Human capital accumulation, Growth, Convex returns, Threshold, Matthew effect, Sisyphus point. The paper describes the process of capital accumulation subject to the following characteristics: (i) convex returns to (human) capital; (ii) the need to self _nance the investment. This set up is applicable to explain some peculiarities in arts, sports and science, inter alia, the \Matthew effect" coined in Merton (1968) to explain why prominent researchers get disproportional credit for their work. The potential young artist's (or sportsman's or even scientist's) optimal strategies include quitting, or continuing and even expanding one's human capital in a profession. Both outcomes are separated by a threshold level in human capital. In addition, it can be optimal to stay in business although consumption falls and stays at the subsistence level (we call this outcome a \Sisyphus point"). 2020-07-01 published WP-20-009 3151 public working_paper Laxenburg, Austria FALSE no info:eu-repo/semantics/book