How Hartl exceeds Skiba: Determinants of a successful career in academia

We present and analyze a life cycle model of a scientific career to investigate how the budget available for research related activities affects a scientist's long run success in academia. Recognizing that reputation has a positive impact on obtaining research funds as well as on producing scientific output, we determine the optimal efforts of a scientist with respect to applying for research grants and costly science related activities to improve reputation, such as networking and inviting guest researchers, under the assumption that the total extent of these activities is limited by a time budget. We find that the optimal solution is history-dependent and study four different career paths which differ with respect to the initial reputation and the initial financial means to identify the determinants of success and failure in academia. It is shown that the extent to which a scientist finds the results of his or her work rewarding, has a substantial impact on whether the scientist will build up a successful career.