Determinants of hunting rental prices: A hedonic analysis

The right to hunt on a specific area is a complex leisure good including a number of elements, each of which is itself a tangible or intangible consumer good. This article examines factors influencing the price of area-specific hunting rentals as revealed through the accounts of 120 private Danish forest enterprises. Three hedonic models are presented. They include five or six parameters, their adjusted R-2 values range from 0.46 to 0.50 and the standard deviations of the residuals are EURO12.77-13.86 ha(-1). Evidence was found that the price of hunting rentals increases with the proportion of oak and other broadleaves, indicating that hunters appreciate structural diversity in the forest. In addition, the average rent per hectare was observed to decrease when the proportion of the area rented out for hunting increases.