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• W2155766795 abstract "Land can be ine‐ciently allocated when attempts to assemble separately-owned pieces of land into large parcels are frustrated by holdout landowners. The existing land-assembly institution of eminent domain can be used neither to gauge e‐ciency nor to determine how to compensate displaced owners adequately. We take a mechanism-design approach to the assembly problem, formalizing it as a multilateral trade environment with perfectly complementary goods. We characterize the least-ine‐cient direct mechanism that is incentive compatible, selfflnancing, protects the property-rights of participants, and does not assume that participants have useful information about the subjective valuations of others. The second-best mechanism, which we call the Strong Pareto (SP) mechanism, utilizes a second-price auction among interested buyers, with a reserve su‐cient to compensate fully all potential sellers, who are paid according to flxed and exhaustive shares of the winning buyer’s ofier. It may also internalize local externalities. While the SP mechanism only approves e‐cient sales, e‐ciency is not sufflcient for sale|even with competitive bidding|because the auction reserve may exceed the aggregate seller valuation. The ine‐ciency of the second-best mechanism implies a Myerson and Satterthwaite (1981)-style impossibility theorem. We propose a criterion that encompasses concern for both e‐ciency and the rights of property owners to evaluate the relative performance of assembly mechanisms and the e‐ciency cost of strict adherence to individual rationality. In a simple example, we compare the expected outcome of the SP mechanism with two alternatives: a plurality mechanism based on SP, but with a lower reserve that is only high enough to fully compensate a plurality of owners and a stylized model of eminent domain." @default.
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• W2155766795 date "2010-08-17" @default.
• W2155766795 modified "2023-09-24" @default.
• W2155766795 title "A Second-Best Mechanism for Land Assembly" @default.
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• W2155766795 hasPublicationYear "2010" @default.
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