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The Impact of Potential Labor Supply on Licensing Exam Difficulty in the US Market for Lawyers Author info | Abstract | Publisher info | Download info | Related research | Statistics Mario Pagliero ()
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This paper provides the first empirical evidence of a positive impact of the quality and number of potential entrants on entry requirements in professional markets. The estimated effects are so large that increases in the quality of candidates are completely offset by increases in exam difficulty and therefore do not lead to any long run increase in the number of successful candidates. Variations in the number of candidates are also significantly (but not completely) offset by changes in exam difficulty. About one third of the additional candidates that otherwise would have passed the examination fail because of the increase in standards. These results are not in line with public interest theory of licensing. The classic rent seeking view of licensing can explain some (but not all) of the results.
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Paper provided by CHILD - Centre for Household, Income, Labour and Demographic economics - ITALY in its series CHILD Working Papers with number
wp19_08.
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Length: 52 pages
Date of creation: Apr 2007Date of revision:
Handle: RePEc:wpc:wplist:wp19_08Contact details of provider: Postal: Via Po 53 10124 Turin Phone: 39-011=6702726 Fax: 39-011-6702762 Email: Web page: http://www.child-centre.it More information through EDIRC
For technical questions regarding this item, or to correct its listing, contact: (Vito Moscato).
Keywords: professional licensing ; legal market ; bar exam ; minimum standards ; entry regulation ; Other versions of this item:
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
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.:
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[Downloadable!] (restricted)
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references 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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Acemoglu, Daron & Ticchi, Davide & Vindigni, Andrea, 2008.
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P.O.L.I.S. department's Working Papers
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[Downloadable!] (restricted) Acemoglu, Daron & Ticchi, Davide & Vindigni, Andrea, 2008.
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IZA Discussion Papers
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[Downloadable!] Ales Cerný & Fabio Maccheroni & Massimo Marinacci & Aldo Rustichini, 2008.
"On the Computation of Optimal Monotone Mean-Variance Portfolios via Truncated Quadratic Utility ,"
Carlo Alberto Notebooks
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"Objective and Subjective Rationality in a Multiple Prior Model ,"
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76, Collegio Carlo Alberto.
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