Abstract
This paper explores a new compensation standard for use in agricultural land conversion in China during the land-expropriation process, based on the market value definition. Assuming identical bargaining power between the buyer and the seller, efficient and equitable compensation is obtained through a market transaction and bargaining negotiation mechanism, under the assumpation of a perfect market. From the state-of-the-art viewpoint of land appraising, a practical approximation of the theoretical optimal compensation will provide an effective solution for China, under the current collective-owned land property rights structure.
Original language | English |
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Pages (from-to) | 107-120 |
Journal | China & World Economy |
Volume | 15 |
Issue number | 5 |
DOIs | |
Publication status | Published - 2007 |
Keywords
- property-rights
- takings
- tenure
- paid