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The Demand for Environmental Quality: An Application of Hedonic Pricing in Golf

¹ Chicago Census Research Data Center
² Ernst and Young LLP

^* To whom correspondence should be addressed. E-mail: flimehouse{at}frbchi.org.

	Abstract

The analysis uses an exhaustive golf course database that contains over 100 golf course variables on more than 15,000 golf courses in the United States combined with data from the Audubon International Cooperative Sanctuary Program to examine the market setting of environmental certification on golf courses. Using the Rosen (1974) two-stage estimation technique, quality-adjusted structural demand and supply equations for golf are estimated. A standard hedonic pricing model shows a substantial price premium for environmentally certified Audubon International golf courses. Additional results suggest that the increase in marginal benefits of certification is approximately equal to the increase in marginal costs.

First published on August 17, 2009, doi:10.1177/1527002509337801
A more recent version of this article appeared on November 11, 2009
This version was published on August 19, 2009


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