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Law and Economics
New findings from Harvard University describe advances in law and economics
August 3rd, 2010
According to recent research from the United States, "Governments employ two basic policies for acquiring land: taking it through the exercise of their power of eminent domain, and purchasing it. The social desirability of these policies is compared in a model in which the government's information about landowners' valuations is imperfect."
"Under this assumption, the policy of purchase possesses the market test advantage that the government obtains land from an owner only if its offer exceeds the owner's valuation. However, the policy suffers from a drawback when the land that the government needs is owned by many parties. In that case, the government's acquisition will...
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Source: VerticalNews Ivy League (2010-08-03)