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date: 29 October 2020

Abstract and Keywords

The regulatory takings issue potentially arises whenever a government regulation restricts the use of private property without actually seizing title to it (as would occur under eminent domain). A regulatory taking occurs when the regulation reduces the value of private property to such a degree that the owner is entitled to compensation under the Fifth Amendment Takings Clause. This chapter reviews legal and economic theories aimed at determining when a regulation crosses the compensation threshold. We do this using a simple model of takings or land use regulation that provides a unifying framework for discussing the economics of regulatory takings. We use the model to illustrate both basic economic principles related to compensation and a number of extensions that have been considered in the literature. The main focus is on assessing the consequences of various compensation rules on the efficiency of land use decisions and government policy making.

Keywords: private property, compensation, eminent domain, regulatory takings, takings clause, land use

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