The southwestern market for big-game hunting permits and services: A hedonic pricing analysis

Individuals pursuing big-game hunting in the Southwestern United States are presented with a wide array of opportunities, including public lotteries and market-based allocations (e.g., auctions, private transactions). The marketing of big-game hunts and associated services by landowners, guides, and outfitters is increasingly common and supported by state-sanctioned, transferable permit allocations. Given the range of permit and services combinations now available in the market, prices can be expected to vary systematically across attributes of the hunt transaction. Using a sample (n = 942) collected from information posted online and a follow-up telephone survey, this research employed hedonic pricing analysis to examine the regional market for big-game permits and associated hunting services in the Southwest. Estimation results allowed the implicit price of different attributes to be identified. Results also have policy relevance, including: understanding trends in ranch prices, assessing poaching losses, and evaluating the revenue generation of public entities in the regional market.