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...

There is increasing evidence that research funding sources are requiring additional assurances that the expenditure of their resources is in the "highest and best use." Legislative calls for sunset provisions and mandated evaluations plus administrative moves toward grant rather than formula...