%0 Generic %A Engel, Christoph %A Hamann, Hanjo %D 2016 %T The Hog Cycle of Law Professors: An Econometric Time Series Analysis of the Entry-Level Job Market in Legal Academia %U https://plos.figshare.com/articles/dataset/The_Hog_Cycle_of_Law_Professors_An_Econometric_Time_Series_Analysis_of_the_Entry-Level_Job_Market_in_Legal_Academia/3877296 %R 10.1371/journal.pone.0159815 %2 https://ndownloader.figshare.com/files/6078297 %2 https://ndownloader.figshare.com/files/6078306 %K short-sighted behavior %K market entries today %K hog cycle %K German dataset %K out-of-sample predictions %K future law professors %K law professors fulfils %K Hog Cycle %K Legal Academia %K Econometric Time Series Analysis %K market entries %K Law Professors %K Entry-Level Job Market %X

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.

%I PLOS ONE