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Full-Text Articles in Law
The Perverse Effects Of Subsidized Weather Insurance, Omri Ben-Shahar, Kyle D. Logue
The Perverse Effects Of Subsidized Weather Insurance, Omri Ben-Shahar, Kyle D. Logue
Articles
This Article explores the role of insurance as a substitute for direct regulation of risks posed by severe weather. In pricing the risk of human activity along the predicted path of storms, insurance can provide incentives for efficient location decisions as well as for cost-justified mitigation efforts in building construction and infrastructure. Currently, however, much insurance for severe-weather risks is provided and heavily subsidized by the government. This Article demonstrates two primary distortions arising from the government’s dominance in these insurance markets. First, existing government subsidies are allocated differentially across households, resulting in a significant regressive redistribution favoring affluent homeowners …
Eminent Domain Economics: Should ‘Just Compensation’ Be Abolished, And Would ‘Takings Insurance’ Work Instead?, Steve Calandrillo
Eminent Domain Economics: Should ‘Just Compensation’ Be Abolished, And Would ‘Takings Insurance’ Work Instead?, Steve Calandrillo
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In a defeat for staunch property rights advocates, the Supreme Court ruled this spring that a prohibition on land development in the Tahoe basin did not amount to a de facto taking of land such that the constitutional mandate of just compensation was triggered. The Tahoe decision highlights the struggle in eminent domain jurisprudence over the proper treatment of so-called regulatory takings. It has long been taken for granted that when the government exercises its power of eminent domain to take private property in the name of the public good, it must reimburse displaced landowners. While compensation for physical takings …