Regulatory Takings and the Diminution of Value: An Empirical Analysis of Takings and Givings
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.
Volume (Year): 38 (2006)
Issue (Month): 03 (December)
|Contact details of provider:|| Web page: http://www.saea.org/jaae/jaae.htm|
More information through EDIRC
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.:
- 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.
- 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.
- Bernknopf, Richard L. & Brookshire, David S. & Thayer, Mark A., 1990. "Earthquake and volcano hazard notices: An economic evaluation of changes in risk perceptions," Journal of Environmental Economics and Management, Elsevier, vol. 18(1), pages 35-49, January.
- 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.
- 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 303-18, March-May.
- 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.
- 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 749-76, June.
- 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.
When requesting a correction, please mention this item's handle: RePEc:ags:joaaec:43791. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (AgEcon Search)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.