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This paper identifies horse riders' preference and measures marginal willingness to pay (MWTP) for equestrian attributes by using choice experiments. It was analyzed that regular riders' satisfaction increased with the following factors: a bigger equestrian facility, better accessibility, indoor and outdoor riding services, and lower riding fees. Additionally, warmbloods were the most preferred type of horses. The results of measuring consumers' MWTP for riding attributes show that they are willing to pay an extra KRW 100,000 a month to use a large-scale equestrian facility rather than a small one and an extra KRW 150,000 a month for an equestrian facility with better accessibility. In addition, horse riders were willing to pay an extra KRW 270,000 to ride a warmblood compared to a Halla horse. The marginal willingness to pay for outdoor riding was KRW 310,000 and that for indoor riding was KRW 390,000. The differences in the respondents' preference for riding attributes were identified through a latent class model, and they were classified into six groups with similar preferences. Each group differed in income levels, gender, and membership types. |
