@article{Phipps:159511,
      recid = {159511},
      author = {Phipps, Tim},
      title = {Landowner Incentives to Participate in a Purchase of  Development Rights Program with Application To Maryland},
      journal = {Journal of the Northeastern Agricultural Economics  Council},
      address = {1983},
      number = {1204-2016-96575},
      pages = {5},
      year = {1983},
      abstract = {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 not participating and remaining  in
farming.
In order to investigate participation rates
in  the Maryland PDR program a less restrictive
model is  developed which relaxes the perfect capital
markets  assumption. It is found that a PDR
program is most likely  to be successful in regions
characterized by relatively low  levels of
development pressure, and least likely to be  successful
in areas experiencing high rates of
growth or  areas that are not undergoing development
pressure.},
      url = {http://ageconsearch.umn.edu/record/159511},
      doi = {https://doi.org/10.22004/ag.econ.159511},
}