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  The Hog Cycle of Law Professors. An Econometric Time Series Analysis of the Entry-level Job Market in Legal Academia

Engel, C., & Hamann, H. (2016). The Hog Cycle of Law Professors. An Econometric Time Series Analysis of the Entry-level Job Market in Legal Academia. PLOS One, 11(7): e0159815.

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 Creators:
Engel, Christoph1, Author              
Hamann, Hanjo1, Author              
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1Max Planck Institute for Research on Collective Goods, Max Planck Society, ou_2173688              

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 Abstract: The (German) market for law professors fulfils the conditions for a hog cycle: In the short run, supply cannot be extended or limited; future law professors must be hired soon after they first present themselves, or leave the market; demand is inelastic. Using a comprehensive German dataset, we show that the number of market entries today is negatively correlated with the number of market entries eight years ago. This suggests short-sighted behavior of young scholars at the time when they decide to prepare for the market. Using our statistical model, we make out-of-sample predictions for the German academic market in law until 2020.

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 Dates: 20162016
 Publication Status: Published online
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 Rev. Type: Peer
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Title: PLOS One
Source Genre: Journal
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Pages: - Volume / Issue: 11 (7) Sequence Number: e0159815 Start / End Page: - Identifier: -