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

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...

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Autores principales: Engel, Christoph, Hamann, Hanjo
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Public Library of Science 2016
Materias:
Research Article
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4965028/
https://www.ncbi.nlm.nih.gov/pubmed/27467518
http://dx.doi.org/10.1371/journal.pone.0159815
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author Engel, Christoph
Hamann, Hanjo
author_facet Engel, Christoph
Hamann, Hanjo
author_sort Engel, Christoph
collection PubMed
description 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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spelling pubmed-49650282016-08-18 The Hog Cycle of Law Professors: An Econometric Time Series Analysis of the Entry-Level Job Market in Legal Academia Engel, Christoph Hamann, Hanjo PLoS One Research Article 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. Public Library of Science 2016-07-28 /pmc/articles/PMC4965028/ /pubmed/27467518 http://dx.doi.org/10.1371/journal.pone.0159815 Text en © 2016 Engel, Hamann http://creativecommons.org/licenses/by/4.0/ This is an open access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/) , which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
spellingShingle Research Article
Engel, Christoph
Hamann, Hanjo
The Hog Cycle of Law Professors: An Econometric Time Series Analysis of the Entry-Level Job Market in Legal Academia
title The Hog Cycle of Law Professors: An Econometric Time Series Analysis of the Entry-Level Job Market in Legal Academia
title_full The Hog Cycle of Law Professors: An Econometric Time Series Analysis of the Entry-Level Job Market in Legal Academia
title_fullStr The Hog Cycle of Law Professors: An Econometric Time Series Analysis of the Entry-Level Job Market in Legal Academia
title_full_unstemmed The Hog Cycle of Law Professors: An Econometric Time Series Analysis of the Entry-Level Job Market in Legal Academia
title_short The Hog Cycle of Law Professors: An Econometric Time Series Analysis of the Entry-Level Job Market in Legal Academia
title_sort hog cycle of law professors: an econometric time series analysis of the entry-level job market in legal academia
topic Research Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4965028/
https://www.ncbi.nlm.nih.gov/pubmed/27467518
http://dx.doi.org/10.1371/journal.pone.0159815
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