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Lesson3_Government

Lesson3_Government - Real Estate Fundamentals Texas Tech...

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Real ± Estate ± Fundamentals Texas ± Tech ± University Lesson ± 3: ± Governmental ± Controls Dr. ± Eriksen 1 LESSON ± 3: ± GOVERNMENTAL ± RESTRICTIONS FIN ± 3332: ± Real ± Estate ± Fundamentals CHAPTER ± OBJECTIVES 1. ± Understand ± Arguments ± for ± Government ± to ± Interfere ± with ± Property ± Rights 2. ± Learn ± Role ± of ± Building ± Codes ± and ± Zoning ± Laws ± in ± Society 3. ± Describe ± Purpose ± and ± Evolution ± of ± Laws ± Surrounding ± Eminent ± Domain 4. ± Learn ± to ± Calculate ± Property ± Taxes ± in ± GA 2 Should ± Gov’t ± Have ± Any ± Influence? 3 Prices ± Serve ± to ± Allocate ± Scarce ± Resources ± in ± a ± Free ± Market ± Economy ± to ± Highest ± Bidder Importance ± of ± Property ± Rights Economists ± Role ± of ± Government Create ± More ± Equitable ± World Correct ± (Potential) ± Market ± Failures Natural ± Monopolies ± (Utilities) Asymmetric ± Information ± (Building ± Codes) Externalities ± & ± Public ± Goods ± (Zoning) Does ± Not ± Mean ± Gov’t ± Can ± Do ± Any ± Better
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Real ± Estate ± Fundamentals Texas ± Tech ± University Lesson ± 3: ± Governmental ± Controls Dr. ± Eriksen 2 ARGUMENTS ± FOR ± INTERVENTION Natural ± Monopoly When ± Most ± “Efficient” ± Supplier ± is ± a ± Monopolist First ± Entrant ± Often ± Has ± Large ± Economies ± of ± Scale Government ± Provides ± (or ± Regulates) ± Allocation Examples ± of ± Water, ± Electricity, ± and ± Education Lubbock ± Power ± and ± Light Presence ± of ± Asymmetric ± Information One ± Party ± of ± Transaction ± Has ± Superior ± Information May ± Be ± Too ± Costly ± To ± Obtain ± Correct ± Info Examples ± of ± Adverse ± Selection ± and ± Moral ± Hazard 4 ARGUMENTS ± FOR ±
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