Miceli, Thomas J. - In: International Review of Law and Economics 28 (2008) 4, pp. 287-293
Blume, Rubinfeld, and Shapiro [Blume, L., Rubinfeld, D., & Shapiro, P. (1984). The taking of law: When should compensation be paid? Quarterly Journal of Economics, 99, 71-92] first showed that compensation for takings can lead to a moral hazard problem that results in overinvestment in land...