| Hedonic prices are estimated for summer and winter rentals for vacation houses located near a lake and ski-golf resort in rural western Maryland. Regressions for weekly rents are conditioned on house size, quality, and recreation features including lakefront proximity and ski-slope access. Percentage effects and marginal implicit prices indicate that access to recreation is reflected importantly in rental offers. Evaluated at the means, lakefront locations command a premium of $1,100–1,200 per week, and the premium for ski-slope access is $500–600 per week. Unit recreation values are about $18 per person per day for a lakefront location with a private dock and $7 per person per day for a ski-slope location. There are small differences in the unit values... |
