Tariff Determination of Safari Lodges Using the Hedonic Pricing Method
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The study determined the implicit market prices for the environmental attributes of South African game reserves and safari lodges that compete in the photo-tourism industry. The Hedonic Pricing Method was used to infer values for these attributes, which had no direct market price. A methodology was devised, which used tariff per person sharing as the proxy for the market price. This dependent variable was regressed against twenty environmental explanatory variables for 351 camps in South Africa. The Double Log Model was developed as the model of preference. The findings of the model were discu...
The study determined the implicit market prices for the environmental attributes of South African game reserves and safari lodges that compete in the photo-tourism industry. The Hedonic Pricing Method was used to infer values for these attributes, which had no direct market price. A methodology was devised, which used tariff per person sharing as the proxy for the market price. This dependent variable was regressed against twenty environmental explanatory variables for 351 camps in South Africa. The Double Log Model was developed as the model of preference. The findings of the model were discussed to determine its relevance in the present game reserve industry. The model informs game reserve owners and managers that the six explanatory variables mentioned should be given the greatest attention to improve consumer satisfaction and to raise quality levels. It also informs reserve operators as to which variables should not be considered too seriously in decision-making processes.
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