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@article{ART001831760},
author={KIM, IL-JOONG and Sungkyu Park},
title={A Law and Economic Analysis of Private Takings},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2013},
volume={23},
number={3},
pages={7-33}

TY - JOUR
AU - KIM, IL-JOONG
AU - Sungkyu Park
TI - A Law and Economic Analysis of Private Takings
JO - Korea Real Estate Review
PY - 2013
VL - 23
IS - 3
PB - korea real estate research institute
SP - 7
EP - 33
SN - 2092-5395
AB - The purpose of this paper is to provide empirical evidence of the comparative inefficiency of private takings. For this goal, we first examine the existing takings-related laws and survey major qualifications for private takings (i.e., participation restrictions or other preconditions). We then outline the legal and economic literature regarding private takings and offer the main argument that private takings can cause varying types of inefficiency such as cancellations, changes and delays of public projects by private-sector’s opportunism (i.e., adverse selection or moral hazard). The hypothesis is derived that eminent domain in combination with the private objective of profit maximization and the incompleteness of public monitoring against private-sector’s opportunism can be abused seriously. We subsequently show a possibility of private taking’s inefficiency by investigating the entire cases of constructing industrial complexes which took place almost for the past decade. Althought we rely on a simple methodology using average statistics, it turns out that supplying industrial complexes by private takings is not a superior means compared with public takings. This result implies that an effort to ensure private taking’s efficiency is needed.
KW - private takings;public interest;efficiency;transaction costs;due process
DO -
UR -
ER -

KIM, IL-JOONG and Sungkyu Park. (2013). A Law and Economic Analysis of Private Takings. Korea Real Estate Review, 23(3), 7-33.

KIM, IL-JOONG and Sungkyu Park. 2013, "A Law and Economic Analysis of Private Takings", Korea Real Estate Review, vol.23, no.3 pp.7-33.

KIM, IL-JOONG, Sungkyu Park "A Law and Economic Analysis of Private Takings" Korea Real Estate Review 23.3 pp.7-33 (2013) : 7.

KIM, IL-JOONG, Sungkyu Park. A Law and Economic Analysis of Private Takings. 2013; 23(3), 7-33.

KIM, IL-JOONG and Sungkyu Park. "A Law and Economic Analysis of Private Takings" Korea Real Estate Review 23, no.3 (2013) : 7-33.

KIM, IL-JOONG; Sungkyu Park. A Law and Economic Analysis of Private Takings. Korea Real Estate Review, 23(3), 7-33.

KIM, IL-JOONG; Sungkyu Park. A Law and Economic Analysis of Private Takings. Korea Real Estate Review. 2013; 23(3) 7-33.

KIM, IL-JOONG, Sungkyu Park. A Law and Economic Analysis of Private Takings. 2013; 23(3), 7-33.

KIM, IL-JOONG and Sungkyu Park. "A Law and Economic Analysis of Private Takings" Korea Real Estate Review 23, no.3 (2013) : 7-33.