Here is an interesting interview with one of the hostage-takers and one of the former hostages:
Linkwhat type and amount of compensation IS sufficient
Comparisons would not be difficult. States often pay compensation to prisoners who have been held in a miscarriage of justice and then released, many of whom were held far longer than 444 days.
Currently the United States has not paid any of the post 9/11 captives, who have then been released compensation that I've been aware of. Some of them were also held longer than 444 days.
After all, wasn't this act one of the most serious in the arena of international diplomacy
Highly debatable. The act was not, at first, taken by the government of Iran, but by a group of university students. It was later condoned by the Iranian Government and some of the captives were released (for medical reasons and through the craftiness of the Canadian Government). Some of the captives were legitimately held as they were CIA agents who had worked with SAVAK.
What effects did Iran suffer from doing this?
Ronald Reagan sold arms to Iran...erm...
I don't know, you have to ask Saint Ron why he responded the way he did.
Perhaps having Hezbollah release three hostages (only to take more shortly thereafter) and then send money to terrorists in Nicaragua was far more important in the grand scheme of foreign policy. It was an odd time.