iscussion and Conclusion
The four case studies presented here show how conservation initiatives for species of concern on private land have evolved from singlestate subsidized short-contract projects (LRRP) to federally funded competitive 25-yr conservation credit transfers (RCS) for GCWs, voluntary land management participation and credit transactions programs (CRAS) for DSLs, and a multistate Habitat Exchange program based on functional acres and an dynamic approach for achieving perpetual conservation of habitat for LPCs. These case studies provide important insights for the development of market-oriented mechanisms that may facilitate the recovery of threatened and endangered nongame species on private land in the United States, as well as other countries. Important characteristics that have contributed to their success include: 1. Involvement of diverse stakeholders and partners, including representatives from relevant state and federal agencies: This is critical to enhance trust, ensure buy-in from policy makers, federal and state agencies, private landowners, and environmental groups and reduce the risks of litigation by marginalized stakeholders. 2. Well-informed, multistakeholder science committees: This facilitates the development of biologically effective and scientifically credible conservation mechanisms, as well as measurable and verifiable conservation units, such as functional acres.