Discouraging Federal actions that reduce the value of private property: evaluating procedural and financial approaches
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.
|Date of creation:||1998|
|Contact details of provider:|| Postal: 10 Independence Mall, Philadelphia, PA 19106-1574|
Web page: http://www.philadelphiafed.org/
More information through EDIRC
|Order Information:|| Web: http://www.phil.frb.org/econ/wps/index.html Email: |
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.:
- 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.
- Thomas J. Miceli & Kathleen Segerson, 2011. "Regulatory Takings," Working papers 2011-16, University of Connecticut, Department of Economics.
- 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.
- 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.
- 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.
- Katz, Lawrence & Rosen, Kenneth T, 1987.
"The Interjurisdictional Effects of Growth Controls on Housing Prices,"
Journal of Law and Economics,
University of Chicago Press, vol. 30(1), pages 149-160, April.
- Katz, Lawrence F. & Rosen, Kenneth T., 1987. "The Interjurisdictional Effects of Growth Controls on Housing Prices," Scholarly Articles 3442758, Harvard University Department of Economics.
- 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.
- 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.
- 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.
- Revesz, Richard L. & Stavins, Robert N., 2007. "Environmental Law," Handbook of Law and Economics, Elsevier.
- Lawrence Blume & Daniel L. Rubinfeld & Perry Shapiro, 1984. "The Taking of Land: When Should Compensation Be Paid?," The Quarterly Journal of Economics, Oxford University Press, vol. 99(1), pages 71-92. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:fip:fedpwp:98-24. 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: (Beth Paul)
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.