A theory-based participation model is developed using the assumptions of perfect capital markets and perfect information. Given this specification it is shown that participation in a PDR program is always equivalent in present value terms to selling the land, and is always at least as good as...

Logit analysis is used to evaluate the performance of the zoning body in Frederick County, Maryland , in term of its statutory policy objectives. Models are formulated to test the hypothesis that the rezoning process is consistent with the guideline specified in the County Zoning Ordinance. An...