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http://eprints.org/relation/isVersionOf https://pure.iiasa.ac.at/id/document/97261 http://eprints.org/relation/isVolatileVersionOf https://pure.iiasa.ac.at/id/document/97261 http://eprints.org/relation/ismediumThumbnailVersionOf https://pure.iiasa.ac.at/id/document/97261 97276 2 299704 document 97276 small.jpg image/png e7880ea3f66515655fb7e8728d4d9c7b MD5 1823 2022-03-21 15:54:56 https://pure.iiasa.ac.at/id/eprint/17896/6/small.jpg 17896 6 6 image/png other Thumbnails conversion from text to thumbnail_small en public

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http://eprints.org/relation/isVersionOf https://pure.iiasa.ac.at/id/document/97261 http://eprints.org/relation/isVolatileVersionOf https://pure.iiasa.ac.at/id/document/97261 http://eprints.org/relation/issmallThumbnailVersionOf https://pure.iiasa.ac.at/id/document/97261 archive 353 disk0/00/01/78/96 2022-03-21 15:45:33 2022-03-21 15:45:33 2022-03-21 15:45:33 article show Yegorov Y. Wirl F. Grass D. 2248 Eigruber M. Feichtinger G. pub ASA EM Human capital accumulation; Abnormal control problem; Convex returns; Threshold; Matthew effect; Sisyphus point This paper describes the process of capital accumulation subject to the following characteristics: (i) convex returns to (human) capital and (ii) the need to self-finance investments. Our setup is applicable to some peculiarities in the arts, sports and science, inter alia, coined the Matthew effect in Merton (1968) and explains, e.g., why prominent researchers get disproportional credit for their work. The potential young artist’s (athlete’s or scientist’s) optimal strategies include quitting, or continuing and even expanding one’s human capital in the respective profession. Both outcomes are separated by a threshold level in human capital. In addition, we find that it can be optimal to stay in business although consumption falls and stays at the subsistence level forever (we call this outcome a Sisyphus point). This possibility is also interesting from a theoretical point-of-view, as the optimal control problem may turn abnormal, i.e., the objective does not enter the Hamiltonian. 2022-04 published Elsevier 10.1016/j.jebo.2022.02.008 3151 public Journal of Economic Behavior & Organization 196 178-199 TRUE 0167-2681 no info:eu-repo/semantics/article