Private Property and Takings Compensation

Private Property and Takings Compensation

Theoretical Framework and Empirical Analysis

Yun-chien Chang

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.

Chapter 1: A new analytical framework

Yun-chien Chang

Subjects: economics and finance, law and economics, law - academic, law and economics, politics and public policy, public policy

Extract

This chapter lays down the theoretical framework for analyzing takings compensation. First I categorize forms of takings compensation into five prototypes. All prior works discuss or advocate one of these prototypes or their variant. Then I argue that four (rather than two) factors are critical in identifying the most efficient form of takings compensation, while only two of these factors have been systematically analyzed in the prior literature. Finally I propose four prototypical assessment methods to analyze the two new factors, assessment costs and assessment accuracy.

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