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E105-04 - Forschungsbereich Variationsrechnung, Dynamische Systeme und Operations Research
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Report No.:
08
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Date (published):
2020
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Number of Pages:
18
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Keywords:
Optimal control; scientific production over the life cycle; obsolescence of knowledge; optimal time allocation
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Abstract:
In this paper we study how the scientific production of a representative researcher developsover his/her career. Using Pontryagin's maximum principle we derive the optimal capitalaccumulation over the life cycle of a scientist. In particular, we are able to show thatthe optimal production of human capital depends negatively on the obsolescence rate ofknowledge as well as on the discount rate and that this reduction is largest at earlier ages. Ina recent paper Feichtinger et al. (2020) also analyse scientific production over the life cyclewith focus on greying of academia.
