Question: Compare the efficiency of the following two methods of amending the just-compensation constraint:
a. Define just compensation to be fair market value (including relocation costs) plus, say, 20 percent.
b. Allow private property owners to make their own assessments of the value of their property. Property owners agree to pay property taxes on that self assessed value. If the government ever takes the property, it agrees to pay the self-assessed property value as just compensation.