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The Inefficiency Of The Accession Doctrine: A Case For The Property Rule, Yun-Chien Chang
The Inefficiency Of The Accession Doctrine: A Case For The Property Rule, Yun-Chien Chang
Yun-chien Chang
The accession doctrine in property law exists in both common law countries and civil law countries. The prior literature does not question, and even makes a case for, the efficiency of the accession doctrine. I argue that the accession doctrine fails to meet the normative standard that the law should allocate property rights to the party who values them the most. Efficiency should be ascertained by comparing the ex ante economic values of the original owner and the improver, not by comparing the fair market value of the processed properties before and after the improvements, as the accession doctrine dictates. …
Economic Value Or Fair Market Value? The Efficient Standard Of Physical Takings Compensation, Yun-Chien Chang
Economic Value Or Fair Market Value? The Efficient Standard Of Physical Takings Compensation, Yun-Chien Chang
Yun-chien Chang
The literature has generally accepted that if full takings compensation is paid, owners will over-invest. Condemnors are often assumed to be either a social wealth maximizer or suffer from fiscal illusion. Costs and accuracy of assessing property value for takings compensation purposes are important, yet have never been systematically analyzed. I argue that under current law, owners hardly have incentives to over-invest no matter economic value or fair market value is awarded as compensation. Government officials as condemnors maximize their own political interests, not their agency’s or the society’s interests. Considering condemnors’ and condemnees’ incentives alone, economic value compensation is …