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Political Economy And The Efficiency Of Compensation For Takings

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  • TIMOTHY J. BRENNAN
  • JAMES BOYD

Abstract

To assess compensation for regulation-induced "takings," the authors model political support for regulation as a function of externalities, landowner wealth, and tax burdens. When competing social interests have equal influence on political outcomes, compensation should not be paid. However, when environmentalists and property owners have unequal influence, the model yields several counterintuitive implications. For example, disenfranchised environmentalists should support takings compensation, since it reduces landowner opposition to regulation. The authors also show how compensation rules can limit the deadweight social costs of income transfers, while recognizing their effects on regulator and landowner behavior. (JEL "K11", "D72", "L51") Copyright 2006 Western Economic Association International.

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Bibliographic Info

Article provided by Western Economic Association International in its journal Contemporary Economic Policy.

Volume (Year): 24 (2006)
Issue (Month): 1 (01)
Pages: 188-202

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Handle: RePEc:bla:coecpo:v:24:y:2006:i:1:p:188-202

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Cited by:
  1. Aisbett, Emma & Karp, Larry & McAusland, Carol, 2008. "Police-powers, regulatory takings and the efficient compensation of domestic and foreign investors," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt5x84h5kf, Department of Agricultural & Resource Economics, UC Berkeley.
  2. Brennan, Timothy & Boyd, James, 1996. "Pluralism and Regulatory Failure: When Should Takings Trigger Compensation?," Discussion Papers dp-96-09, Resources For the Future.
  3. Timothy J. Brennan, 2009. "The Challenges of Climate for Energy Markets," UMBC Economics Department Working Papers 09-111, UMBC Department of Economics, revised 01 Sep 2009.
  4. Brennan, Timothy J. & Kousky, Carolyn & Macauley, Molly K., 2009. "More Than a Wing and a Prayer: Government Indemnification of the Commercial Space Launch Industry," Discussion Papers dp-09-38, Resources For the Future.
  5. Timothy Brennan, 2010. "Decoupling in electric utilities," Journal of Regulatory Economics, Springer, vol. 38(1), pages 49-69, August.
  6. Robert Innes & George Frisvold, 2009. "The Economics of Endangered Species," Annual Review of Resource Economics, Annual Reviews, vol. 1(1), pages 485-512, 09.
  7. Brennan, Timothy J., 2008. "“Night of the Living Dead” or “Back to the Future”? Electric Utility Decoupling, Reviving Rate-of-Return Regulation, and Energy Efficiency," Discussion Papers dp-08-27, Resources For the Future.
  8. Brennan, Timothy J., 2009. "The Challenges of Climate for Energy Markets," Discussion Papers dp-09-32, Resources For the Future.

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