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Accumulation and obsolescence of research knowledge

Author

Listed:
  • A. J. Novák

    (University of Vienna)

  • G. Feichtinger

    (Institute of Statistics and Mathematical Methods in Economics, Vienna University of Technology)

Abstract

In this paper we study how the scientific production of a representative researcher develops over his/her career. Using Pontryagin’s maximum principle we derive the optimal capital accumulation over the life cycle of a scientist. In particular, we are able to identify two regimes of human capital accumulation (say intensive versus normal) and to characterize their optimality depending on the initial human capital level. The paper includes a formal proof of the negative impact of the obscolescence rate as well as the discount rate on human capital production and we show that this reduction is largest at earlier ages.

Suggested Citation

  • A. J. Novák & G. Feichtinger, 2022. "Accumulation and obsolescence of research knowledge," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 30(4), pages 1151-1166, December.
    • Handle: RePEc:spr:cejnor:v:30:y:2022:i:4:d:10.1007_s10100-021-00755-4
    DOI: 10.1007/s10100-021-00755-4
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    References listed on IDEAS

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    1. Blinder, Alan S & Weiss, Yoram, 1976. "Human Capital and Labor Supply: A Synthesis," Journal of Political Economy, University of Chicago Press, vol. 84(3), pages 449-472, June.
    2. Stephan, Paula E., 2010. "The Economics of Science," Handbook of the Economics of Innovation, in: Bronwyn H. Hall & Nathan Rosenberg (ed.), Handbook of the Economics of Innovation, edition 1, volume 1, chapter 0, pages 217-273, Elsevier.
    3. Boucekkine, Raouf & de la Croix, David & Licandro, Omar, 2002. "Vintage Human Capital, Demographic Trends, and Endogenous Growth," Journal of Economic Theory, Elsevier, vol. 104(2), pages 340-375, June.
    4. McDowell, John M, 1982. "Obsolescence of Knowledge and Career Publication Profiles: Some Evidence of Differences among Fields in Costs of Interrupted Careers," American Economic Review, American Economic Association, vol. 72(4), pages 752-768, September.
    5. Gary S. Becker, 1962. "Investment in Human Capital: A Theoretical Analysis," NBER Chapters, in: Investment in Human Beings, pages 9-49, National Bureau of Economic Research, Inc.
    6. Levin, Sharon G & Stephan, Paula E, 1991. "Research Productivity over the Life Cycle: Evidence for Academic Scientists," American Economic Review, American Economic Association, vol. 81(1), pages 114-132, March.
    7. Feichtinger, G. & Grass, D. & Kort, P.M., 2019. "Optimal scientific production over the life cycle," Journal of Economic Dynamics and Control, Elsevier, vol. 108(C).
    8. Yoram Ben-Porath, 1967. "The Production of Human Capital and the Life Cycle of Earnings," Journal of Political Economy, University of Chicago Press, vol. 75, pages 352-352.
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