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Discouraging Federal actions that reduce the value of private property: evaluating procedural and financial approaches

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  • Robert M. Hunt
  • Tim VandenBerg

Abstract

A regulatory taking occurs when a court concludes that a government action has taken private property for a public use without paying just compensation to the owner--a violation of the fifth amendment. Often, the remedy is a monetary award whose value is determined by the court. ; In recent years there has been considerable interest in creating a statutory complement to the constitutional law of takings. Some believe that a statutory scheme, using procedural financial approaches, would discourage federal regulatory activities that reduce the value of privately owned property. The procedural approach would require federal agencies to evaluate the property value effects of proposed actions before undertaking them. The financial approach would require that federal agencies pay from their own budgets for any compensation awards that result from their decisions. ; This paper compares the existing procedural and financial approaches to the ones proposed. It describes the model of agency incentives and the regulatory environment implicitly assumed by these proposals and compares them to the literature on regulatory decision making and administrative law. Finally, the paper discusses some of the institutional factors likely to affect the outcome of the proposed reforms, including the role of the courts in enforcing analysis requirements, the extent of agency discretion, and the federal budget process.

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File URL: http://www.philadelphiafed.org/research-and-data/publications/working-papers/1998/wp98-24.pdf
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Bibliographic Info

Paper provided by Federal Reserve Bank of Philadelphia in its series Working Papers with number 98-24.

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Date of creation: 1998
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Handle: RePEc:fip:fedpwp:98-24

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Keywords: Environmental protection;

References

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  1. Revesz, Richard L. & Stavins, Robert N., 2007. "Environmental Law," Handbook of Law and Economics, Elsevier.
  2. Jon H. Goldstein & William D. Watson, 1997. "Property Rights, Regulatory Taking, And Compensation: Implications For Environmental Protection," Contemporary Economic Policy, Western Economic Association International, vol. 15(4), pages 32-42, October.
  3. Blume, Lawrence & Rubinfeld, Daniel L & Shapiro, Perry, 1984. "The Taking of Land: When Should Compensation Be Paid?," The Quarterly Journal of Economics, MIT Press, vol. 99(1), pages 71-92, February.
  4. Katz, Lawrence F. & Rosen, Kenneth T., 1987. "The Interjurisdictional Effects of Growth Controls on Housing Prices," Scholarly Articles 3442758, Harvard University Department of Economics.
  5. Fischel, William A & Shapiro, Perry, 1988. "Takings, Insurance, and Michelman: Comments on Economic Interpretations of "Just Compensation" Law," The Journal of Legal Studies, University of Chicago Press, vol. 17(2), pages 269-93, June.
  6. Thomas J. Miceli & Kathleen Segerson, 2011. "Regulatory Takings," Working papers 2011-16, University of Connecticut, Department of Economics.
  7. Parsons, George R., 1992. "The effect of coastal land use restrictions on housing prices: A repeat sale analysis," Journal of Environmental Economics and Management, Elsevier, vol. 22(1), pages 25-37, January.
  8. Adam B. Jaffe et al., 1995. "Environmental Regulation and the Competitiveness of U.S. Manufacturing: What Does the Evidence Tell Us?," Journal of Economic Literature, American Economic Association, vol. 33(1), pages 132-163, March.
  9. W. Patrick Beaton & Marcus Pollock, 1992. "Economic Impact of Growth Management Policies Surrounding the Chesapeake Bay," Land Economics, University of Wisconsin Press, vol. 68(4), pages 434-453.
  10. Cordes, Joseph J. & Weisbrod, Burton A., 1979. "Governmental behavior in response to compensation requirements," Journal of Public Economics, Elsevier, vol. 11(1), pages 47-58, February.
  11. W. Patrick Beaton, 1991. "The Impact of Regional Land-Use Controls on Property Values: The Case of the New Jersey Pinelands," Land Economics, University of Wisconsin Press, vol. 67(2), pages 172-194.
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