Selling eminent domain exemptions : a mechanism to reveal private values /

Selling eminent domain exemptions : a mechanism to reveal private values /

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Bibliographic Details
Author / Creator:	Hammond, Robert G. (Gardner), author.
Imprint:	[2013?]
Description:	24 pages ; 28 cm
Language:	English
Subject:	Eminent domain -- United States. Valuation -- United States. Eminent domain. Valuation. United States.
Format:	Print
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/9290504

Hidden Bibliographic Details
Other authors / contributors:	University of Chicago. Law School.
Notes:	Title from caption. University of Chicago Law School paper, awarded the 2013 John M. Olin Prize to the outstanding graduate in Law and Economics. Includes bibliographical references. Also available in the University of Chicago Library Archive.
Summary:	Contemporary eminent domain scholarship has largely stopped asking what is and is not public use and has instead focused on the compensation requirement's capacity to promote fair and efficient use of eminent domain. Some scholarship has considered how compensation can be used to deter inefficient investment in property under the threat of condemnation. Other works have sought to reveal private values as a method of fully compensating landowners and forcing the government to internalize the cost of its decisions. These valuations are hidden from the government during the course of ordinary bargaining, as landowners have incentive to overstate their value in order to receive greater compensation for their land. Various self-assessment mechanisms have been offered as a solution to this informational asymmetry. These mechanisms use various carrots and sticks to incentivize a landowner to accurately state her private value. This paper proposes a new mechanism that reveals private values through an auction system that features landowners bidding for exemptions from eminent domain. Past works have suggested auction mechanisms as a substitute for the use of eminent domain. This paper, however, offers an auction mechanism to be used alongside eminent domain. When a landowner bids in an auction, they are bidding the difference between the market value they'd receive as just compensation and the true value that they place in their land.

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Holdings details from D'Angelo Law, Alumni Collection: Ask a Law Librarian
Call Number:	XXKF5599.H366 2013
c.1	Available Loan period: 14 day loan Scan and Deliver Request from storage Need help? - Ask a Librarian Notes: In LawA for Hammond, R.G.