역특성가격함수를 이용한 승마장의 특성별 가치 추정

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.

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.