A Life Cycle Model Of Fame
Abstract
A model of investment in human capital is developed, following Levy [5], in which utility depends on both income and the accumulated stock of human capital. Utility may also have a contribution from legacy after death. Investment in human capital is in the form of time, to the exclusion of wages. In particular, I model the accumulation of fame derived by investment in scientific research. I then investigate the comparative statics for the professionalization of an amateur discipline. Generally, an individual must derive great utility from fame for him to devote significant time to science.
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