Journal of Rural Development
An Inverse Hedonic Price Analysis of Recreational Equine Market in Korea
2010.12.01
17736
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AuthorKwon, Ohsang
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Publication Date2010.12.01
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Original
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.
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