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Innes, R.; Polasky, S.; Tschirhart, J.
Takings, Compensation and Endangered Species Protection on Private Lands
1998 Journal of Economic Perspectives (12): 35-52
Conservation of species on private land and the potential conflicts with private property rights and economic activity are at the forefront of the current debate on endangered species policy in the United States. In this paper, we focus on what light economics has to shed on the compensation debate. In regulating the "taking" of a species, does government cross into a "taking" of property that should include compensation? For the economic analyst, the compensation debate raises three central questions: 1) Should "takings" compensation be paid? 2) If so, what form should the compensation take? 3) When is there a need for judicial (or constitutional) restraint to ensure that the government has an incentive to choose efficient takings and compensation policies? We will develop answers to these questions and use them to discuss how to design endangered species regulation.
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