The Economics of Eminent Domain: Private Property, Public by Thomas, J Miceli, Kathleen Segerson

By Thomas, J Miceli, Kathleen Segerson

The 5th modification of the U.S. structure reads "nor shall inner most estate be taken for public use, with no simply compensation". also known as the eminent area or takings clause, economists have made major contributions to the certainty of either the correct scope of takings and while reimbursement may be paid. The Economics of Eminent area: inner most estate, Public Use, and simply reimbursement provides an outline of the economics of eminent area. starting with a short evaluation of the correct case legislation for either actual acquisitions and for regulatory takings, the authors survey the economics literature studying eminent area. the subsequent part considers the industrial justification for eminent area, concentrating on the general public use requirement and the land meeting challenge. It then examines the simply reimbursement requirement, focusing totally on its distributional implications. The authors survey the literature at the impression of reimbursement at the incentives of landowners to take a position in estate topic to a taking or regulatory hazard and of the govt. to workout its taking or regulatory powers. in the course of the Economics of Eminent area, the authors use an easy modeling framework that may be tailored to deal with a variety of matters mentioned within the literature permitting exam utilizing a typical paradigm.

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Extra resources for The Economics of Eminent Domain: Private Property, Public Use, and Just Compensation (Foundations and Trends in Microeconomics)

Sample text

Munch (1976) in fact found that condemnation of properties for an urban renewal project in Chicago resulted in undercompensation of some properties but overcompensation of others. 5 Land Use Incentives and the Compensation Question To this point, we have focused on economic theories of the scope of eminent domain. The primary contribution of more recent economic scholarship, however, has been to examine the incentives of the compensation rule on the land use decisions of property owners. The seminal article in this area is by Blume et al.

The amount that a rational buyer would be willing to pay for the land in the face of the regulatory threat is thus p(VR + C) + (1 − p)VU . 29) The price therefore fully capitalizes the expected amount of compensation. For example, if compensation were zero, the price would be discounted by the expected loss, p(VU − VR ). Consequently, the buyer would suffer no loss if the regulation occurs (other than the loss suffered by anyone who loses a fair bet). Michelman would therefore conclude that demoralization costs are zero in this case.

5. 19 We assume that if this benefit is realized, B > VL , so that it is also socially optimal not to develop the land in that period. However, if the benefit is not realized, the land can still be developed. 25) which holds by construction. Now consider the landowner’s private decision. Suppose that if he does not develop in period one and the social benefit is realized, the government will take the land and pay compensation of C. However, if he or she develops in period one, there is no possibility of a taking.

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