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Regulatory Takings and the Diminution of Value: An Empirical Analysis of Takings and Givings

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  • Truesdell, Marie K.
  • Bergstrom, John C.
  • Dorfman, Jeffrey H.

Abstract

A hedonic model is used to measure the change in value of residential lots in Rockport, Texas, resulting from Section 404 of the U.S. Clean Water Act. Results show that average lot values initially decreased, went though a six-year adjustment period, and then stabilized on a higher price path resulting in a positive net effect on average lot values throughout the Rockport area (with the exception of a particular subdivision). The results indicate that Section 404 generated both regulatory "takings" and "givings," suggesting that both effects should be considered when assessing the benefits and costs of regulatory events and compensation claims.

Suggested Citation

  • Truesdell, Marie K. & Bergstrom, John C. & Dorfman, Jeffrey H., 2006. "Regulatory Takings and the Diminution of Value: An Empirical Analysis of Takings and Givings," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 38(03), December.
  • Handle: RePEc:ags:joaaec:43791
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    References listed on IDEAS

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    1. 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 269-293, June.
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    3. Miceli, Thomas J & Segerson, Kathleen, 1994. "Regulatory Takings: When Should Compensation Be Paid?," The Journal of Legal Studies, University of Chicago Press, vol. 23(2), pages 749-776, June.
    4. Mark R. Correll & Jane H. Lillydahl & Larry D. Singell, 1978. "The Effects of Greenbelts on Residential Property Values: Some Findings on the Political Economy of Open Space," Land Economics, University of Wisconsin Press, vol. 54(2), pages 207-217.
    5. Hamilton James T., 1995. "Pollution as News: Media and Stock Market Reactions to the Toxics Release Inventory Data," Journal of Environmental Economics and Management, Elsevier, vol. 28(1), pages 98-113, January.
    6. Gerrit J. Knaap & Arthur C. Nelson, 1988. "The Effects of Regional Land Use Control in Oregon: A Theoretical and Empirical Review," The Review of Regional Studies, Southern Regional Science Association, vol. 18(2), pages 37-46, Spring.
    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. Boyle, Kevin J & Taylor, Laura O, 2001. "Does the Measurement of Property and Structural Characteristics Affect Estimated Implicit Prices for Environmental Amenities in a Hedonic Model?," The Journal of Real Estate Finance and Economics, Springer, vol. 22(2-3), pages 303-318, March-May.
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    Cited by:

    1. Thomas J. Miceli & Kathleen Segerson, 2011. "Regulatory Takings," Working papers 2011-16, University of Connecticut, Department of Economics.

    More about this item

    Keywords

    Clean Water Act Section 404; hedonic price method; interrupted time series; regulatory takings and givings; wetlands; Agricultural and Food Policy; C51; D61; R11; R21; Q15;

    JEL classification:

    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • Q15 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Land Ownership and Tenure; Land Reform; Land Use; Irrigation; Agriculture and Environment

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