Takings, Private Property and Public Rights

Private Property and Public Interest

New Forms of Private Property: Property Rights in Environmental Goods

This entry examines the relationship between property rights and environmental protection. According to the ‘tragedy of the commons’ model, environmental pollution and resource depletion result from the inadequate specification of property rights in environmental goods. Two solutions typically are offered for averting the ‘tragedy’: (1) specify property rights (that is, privatize the commons) o...

Public Enforcement Compensation and Private Rights

Winding Toward the Heart of the Takings Muddle: Kelo, Lingle, and Public Discourse About the Private Property

People care about property. In 2005, the United States Supreme Court decided two cases with deep connections to that concern, both brought by property owners challenging the government’s power under the Takings Clause to take title to, or significantly affect the value of, their property. Kelo v. City of New London has been seen as controversial while Lingle v. Chevron USA Inc. has received far...

Control Rights in Public-Private Partnerships

This paper develops a theory of the allocation of authority between two parties that produce impure public goods. We show that the optimal allocation depends on technological factors, the parties’ valuations of the goods produced, and the degree of impurity of these goods. When the degree of impurity is large, control rights should be given to the main investor, irrespective of preference consi...