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The Impact of Potential Labor Supply on Licensing Exam Difficulty in the US Market for Lawyers

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Author Info
Mario Pagliero

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Abstract

This paper provides the first systematic evidence of variation across states and over time in the number and quality of individuals attempting to enter a regulated profession (potential supply), and in the stringency of entry requirements. There are surprisingly large differences in the difficulty of the entry examination in the market for lawyers both across states and over time. The paper explores the possibility of a link between potential supply and the difficulty of the entry examination. At the cross-sectional level, the data is consistent with growth in potential supply leading to more difficult licensing exams. Also the timing of changes in standards at the US level is consistent with this hypothesis. However, the existing data does not allow drawing final conclusions from within-state variability in exam difficulty.

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Publisher Info
Paper provided by Collegio Carlo Alberto in its series Carlo Alberto Notebooks with number 53.

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Length: 36 pages
Date of creation: 2007
Date of revision: 2009
Handle: RePEc:cca:wpaper:53

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Related research
Keywords: professional licensing; legal market; bar exam; minimum standards; entry regulation;

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Find related papers by JEL classification:
L4 - Industrial Organization - - Antitrust Issues and Policies
L5 - Industrial Organization - - Regulation and Industrial Policy
J4 - Labor and Demographic Economics - - Particular Labor Markets
K2 - Law and Economics - - Regulation and Business Law

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. MaCurdy, Thomas E & Pencavel, John H, 1986. "Testing between Competing Models of Wage and Employment Determination in Unionized Markets," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages S3-S39, June. [Downloadable!] (restricted)
  2. Pashigian, B Peter, 1977. "The Market for Lawyers: The Determinants of the Demand for and Supply of Lawyers," Journal of Law & Economics, University of Chicago Press, vol. 20(1), pages 53-85, April.
  3. Pashigian, B Peter, 1979. "Occupational Licensing and the Interstate Mobility of Professionals," Journal of Law & Economics, University of Chicago Press, vol. 22(1), pages 1-25, April.
  4. Leffler, Keith B, 1978. "Physician Licensure: Competition and Monopoly in American Medicine," Journal of Law & Economics, University of Chicago Press, vol. 21(1), pages 165-86, April.
  5. Shepard, Lawrence, 1978. "Licensing Restrictions and the Cost of Dental Care," Journal of Law & Economics, University of Chicago Press, vol. 21(1), pages 187-201, April.
  6. Maurizi, Alex, 1974. "Occupational Licensing and the Public Interest," Journal of Political Economy, University of Chicago Press, vol. 82(2), pages 399-413, Part I, M. [Downloadable!] (restricted)
  7. Shapiro, Carl, 1986. "Investment, Moral Hazard, and Occupational Licensing," Review of Economic Studies, Blackwell Publishing, vol. 53(5), pages 843-62, October. [Downloadable!] (restricted)
  8. Akerlof, George A, 1970. "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, MIT Press, vol. 84(3), pages 488-500, August. [Downloadable!] (restricted)
  9. Kleiner, Morris M & Kudrle, Robert T, 2000. "Does Regulation Affect Economic Outcomes? The Case of Dentistry," Journal of Law & Economics, University of Chicago Press, vol. 43(2), pages 547-82, October.
  10. Haas-Wilson, Deborah, 1986. "The Effect of Commercial Practice Restrictions: The Case of Optometry," Journal of Law & Economics, University of Chicago Press, vol. 29(1), pages 165-86, April.
  11. George J. Stigler, 1971. "The Theory of Economic Regulation," Bell Journal of Economics, The RAND Corporation, vol. 2(1), pages 3-21, Spring. [Downloadable!] (restricted)
  12. Schaumans, Catherine & Verboven, Frank, 2006. "Entry and Regulation - Evidence from Health Care Professions," CEPR Discussion Papers 5482, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  13. Marc T. Law & Sukkoo Kim, 2004. "Specialization and Regulation: The Rise of Professionals and the Emergence of Occupational Licensing Regulation," NBER Working Papers 10467, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  14. Leland, Hayne E, 1979. "Quacks, Lemons, and Licensing: A Theory of Minimum Quality Standards," Journal of Political Economy, University of Chicago Press, vol. 87(6), pages 1328-46, December. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

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  7. Itzhak Gilboa & Fabio Maccheroni & Massimo Marinacci & David Schmeidler, 2008. "Objective and Subjective Rationality in a Multiple Prior Model," Carlo Alberto Notebooks 73, Collegio Carlo Alberto, revised 2008. [Downloadable!]
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