An Inverse Hedonic Price Analysis of Recreational Equine Market in Korea

Ohsang Kwon

Journal of Rural Development/Nongchon-Gyeongje, 2010, vol. 33, issue 5

Abstract: An inverse hedonic function, suggested by Nerlove (1995), is estimated with a Korean riding club data set. Implicit prices for riding club's characteristics are derived from the estimated inverse hedonic function. A usual hedonic function for which quantity is assumed to be determined exogenously is also estimated, but is rejected by the inverse hedonic function by a nonnested hypothesis testing. Price elasticity of horse-back riding is estimated to be -0.67. It is shown that the WTP for riding is affected by riding club's location, accommodation, number of horses, trail length, number of instructors, parking lots and opening year.

Keywords: Demand; and; Price; Analysis (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:ags:jordng:330407

DOI: 10.22004/ag.econ.330407

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