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...

One of the redeeming virtues of the study of economics is that it enables its practitioners to discuss subjects about which they know very little. This paper represents a case in point. The premise of the paper rests on the presumption that aquaculture provides an additional source of aquatic...