PERC - the Property and Environment Research Center - is the nation's oldest and largest institute dedicated to improving environmental quality through markets and property rights. Research is at the heart of PERC's work followed by outreach and education. Formed in 1980, PERC applies economic thinking to environmental problems. Research and policy analysis will remain a cornerstone of PERC's agenda. Current topics of research include public lands management, water marketing, timber, endangered species, fisheries preservation, conservation easements, environmental entrepreneurship, and land use issues. Located in Bozeman Montana, PERC pioneered the approach known as free market environmentalism (FME).