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The Economics of Takings and Compensation When Land and Its Public Use Value Are in Private Hands

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  • Robert Innes

Abstract

Before governments can "take" private property, property owners can often alter the public use value. This article models this capability and studies its implicationsf or takings compensation. Tying compensation to private land values generally does not prompt efficient land use practices. Tying compensation to land's public use value prompts efficient landowner behavior, but at a high budgetary cost to the government. When there are deadweight costs of government funds, efficient regimes deliver land use incentives at minimum budgetary cost. Negligence compensation does so by affording landowners positive compensation only if they act efficiently to protect their property's public use value.

Suggested Citation

  • Robert Innes, 2000. "The Economics of Takings and Compensation When Land and Its Public Use Value Are in Private Hands," Land Economics, University of Wisconsin Press, vol. 76(2), pages 195-212.
  • Handle: RePEc:uwp:landec:v:76:y:2000:i:2:p:195-212
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    Citations

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    Cited by:

    1. Lueck, Dean & Miceli, Thomas J., 2007. "Property Law," Handbook of Law and Economics, Elsevier.
      • Dean Lueck & Thomas J. Miceli, 2004. "Property Law," Working papers 2004-04, University of Connecticut, Department of Economics.
    2. Langpap, Christian, 2002. "Voluntary Conservation Of Endangered Species: When Does "No Surprises" Mean No Conservation," 2002 Annual meeting, July 28-31, Long Beach, CA 19747, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    3. Drechsler, Martin & Wätzold, Frank & Johst, Karin & Shogren, Jason F., 2010. "An agglomeration payment for cost-effective biodiversity conservation in spatially structured landscapes," Resource and Energy Economics, Elsevier, vol. 32(2), pages 261-275, April.
    4. repec:oup:renvpo:v:12:y:2018:i:1:p:69-91. is not listed on IDEAS
    5. Langpap, Christian & Kerkvliet, Joe, 2012. "Endangered species conservation on private land: Assessing the effectiveness of habitat conservation plans," Journal of Environmental Economics and Management, Elsevier, vol. 64(1), pages 1-15.
    6. Langpap, Christian & Kerkvliet, Joe, 2002. "Success Or Failure? Ordered Probit Approaches To Measuring The Effectiveness Of The Endangered Species Act," 2002 Annual meeting, July 28-31, Long Beach, CA 19713, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    7. repec:gam:jlands:v:7:y:2018:i:2:p:66-:d:147842 is not listed on IDEAS
    8. Wätzold, Frank & Drechsler, Martin, 2014. "Agglomeration payment, agglomeration bonus or homogeneous payment?," Resource and Energy Economics, Elsevier, vol. 37(C), pages 85-101.
    9. Ohl, C. & Drechsler, M. & Johst, K. & Wätzold, F., 2008. "Compensation payments for habitat heterogeneity: Existence, efficiency, and fairness considerations," Ecological Economics, Elsevier, vol. 67(2), pages 162-174, September.
    10. Thomas J. Miceli & Kathleen Segerson, 2011. "Regulatory Takings," Working papers 2011-16, University of Connecticut, Department of Economics.
    11. Niemann, Paul & Shapiro, Perry, 2008. "Efficiency and fairness: Compensation for takings," International Review of Law and Economics, Elsevier, vol. 28(3), pages 157-165, September.
    12. Langpap, Christian, 2003. "Conservation Of Endangered Species: Can Incentives Work For Private Landowners?," 2003 Annual meeting, July 27-30, Montreal, Canada 21972, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    13. Osgood, Daniel E. & List, John A. & Margolis, Michael, 2002. "Closing The Barn Door: Construction And Endangered Species Restrictions," 2002 Annual Meeting, July 28-31, 2002, Long Beach, California 36598, Western Agricultural Economics Association.
    14. Langpap, Christian & Wu, JunJie, 2004. "Voluntary conservation of endangered species: when does no regulatory assurance mean no conservation?," Journal of Environmental Economics and Management, Elsevier, vol. 47(3), pages 435-457, May.
    15. Hans-Bernd Schäfer & Ram Singh, 2017. "Takings of Land by Self-interested Governments Economic Analysis of Eminent Domain," Working papers 281, Centre for Development Economics, Delhi School of Economics.
    16. Smith, Rodney B. W. & Shogren, Jason F., 2002. "Voluntary Incentive Design for Endangered Species Protection," Journal of Environmental Economics and Management, Elsevier, vol. 43(2), pages 169-187, March.
    17. Louis Kaplow, 2003. "Transition Policy: A Conceptual Framework," NBER Working Papers 9596, National Bureau of Economic Research, Inc.
    18. Langpap, Christian, 2006. "Conservation of endangered species: Can incentives work for private landowners?," Ecological Economics, Elsevier, vol. 57(4), pages 558-572, June.
    19. Casey B. Mulligan, 2015. "In-Kind Taxes, Behavior, and Comparative Advantage," NBER Working Papers 21586, National Bureau of Economic Research, Inc.

    More about this item

    JEL classification:

    • Q24 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Land

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