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Private Property And Takings Compensation

Private Property And Takings Compensation Theoretical Framework and Empirical Analysis

Author: Yun-chien Chang
Publisher: Edward Elgar Publishing
ISBN: 9780857935274
Published In: January 2013
Format: Hardback , 208 pages
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

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Description
Contents
Author
Reviews

Details

This innovative volume offers a thorough breakdown of the issues surrounding takings compensation – payments made as reimbursement for government takeover of private property. Using examples from New York City and Taiwan, Yun-chien Chang discusses the advantages and disadvantages of different methods of compensation and offers insightful suggestions for future implementation.

In an effort to fill the gaps in the current literature, the author identifies the five previously recognized types of compensation – zero, current value, fair market value, economic value and project value compensation – and uses a combination of previous research and new data to determine which is the most economically efficient. In doing so, he sets out a concrete methodology for the evaluation of takings compensation strategies that should prove vital to future policy decisions.

Students and professors of law, economics and public policy will find much of interest in the author’s careful analysis, as will policymakers and other government officials working on similar land use issues.

Foreword
Introduction

Part I: Theoretical Framework
1. A New Analytical Framework
2. Condemnors: Three Behavioral Theories
3. Condemnees: Four Types of Incentives
4. Four Assessment Methods

Part II: Empirical Analysis
5. Taiwan 1977 - 2009 and Condemnors' Incentives
6. Taiwan 1954 - 1977 and Condemnees' Incentives
7. Settled Compensation in NYC and the Power of Hedonic Regression Models
8. Adjudicated Compensation in NYC and the Failure of Appraisal Methods

Conclusion

Yun-chien Chang, Assistant Research Professor and Deputy Director, Center for Empirical Legal Studies, Institutum Iurisprudentiae, Academia Sinica, Taiwan

‘Chang reviews the various standards and concludes that the proper measure, which is most invulnerable to political manipulation, calls for compensation at the fair market level of the property at its highest and best use, not just its current value.’
– From the foreword by Richard A. Epstein, New York University, US

‘This thought-provoking and skillfully executed book offers fresh theoretical and empirical insights into questions of eminent domain compensation. Chang’s analysis of this interesting and important area is illuminating and sure to spark further dialogue.’
– Lee Anne Fennell, University of Chicago Law School, US

‘Chang’s book represents the state of the art in the legal, economic, and political analysis of compensation for physical takings. Writing with analytical skill and clarity, Chang makes a strong case for fair market value compensation with financial bonuses to properly incentivize assessors.’
– Daniel L. Rubinfeld, University of California, Berkeley, US