On the Chow theory of Quot schemes of locally free quotients

We prove a formula for the Chow groups of Quot schemes that resolve degeneracy loci of a map between vector bundles, under expected dimension conditions. This formula simultaneously generalizes the formulas for projective bundles, Grassmannian bundles, blowups, Cayley's trick, projectivizations, flops from Springer-type resolutions, and Grassmannian-type flips and flops. We also apply the formula to study the Chow groups of (i) blowups of determinantal ideals; (ii) moduli spaces of linear series on curves; and (iii) (nested) Hilbert schemes of points on surfaces.