TY - DATA T1 - The Hog Cycle of Law Professors: An Econometric Time Series Analysis of the Entry-Level Job Market in Legal Academia PY - 2016/07/28 AU - Christoph Engel AU - Hanjo Hamann UR - 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 DO - 10.1371/journal.pone.0159815 L4 - https://ndownloader.figshare.com/files/6078297 L4 - https://ndownloader.figshare.com/files/6078306 KW - short-sighted behavior KW - market entries today KW - hog cycle KW - German dataset KW - out-of-sample predictions KW - future law professors KW - law professors fulfils KW - Hog Cycle KW - Legal Academia KW - Econometric Time Series Analysis KW - market entries KW - Law Professors KW - Entry-Level Job Market N2 - 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. ER -