What determine the price of Bonga sheep at the market level in Southwestern Ethiopia? A hedonic price analysis

Background Bonga sheep is a mutton type breed with a long-fat-tail and better body weight at maturity. The breed is especially located in the Southwestern mid and highland land areas of Ethiopia. Currently, the breed was well known in Ethiopia and also its price is higher as compared to other sheep breeds in the country. However, empirical evidence is lacking on price determinants of the breed in Ethiopia. Therefore, this research aims at identifying sheep attributes and other factors that determine the market prices of Bonga sheep in Southwestern Ethiopia. Methodology Data from 300 traded sheep and sheep marketers were collected from five major sheep marketing centers in the Kaffa zone. A hedonic price model adjusted for heteroscedasticity was employed to analyze the observed price data. Results The model result showed that the attributes of the sheep are important guiding criteria in price formulation. Among the attributes age, sex (male), colour (red), body condition (good), tail type (very fat) and absence of horn significantly and positively determine the sheep price. As well, market place (Gojebi and Bonga) near to big cities and season (holiday) and purpose of purchase are also significant determinants of bong sheep price out of the sheep attributes in Southwestern Ethiopia. Conclusion Targeting in systematic improvement of the significant attributes which are demanded by the market and establishment of a breeding program to make sheep improvement in a sustainable way. Besides, effort should be geared to transform the system into a market-oriented system using a value chain framework by improving access to market information.

Effects of faith-based attributes on hotel prices: the case of halal services

Purpose For more than 40 years, researchers have examined an exhaustive set of attributes as price determinants in tourism and hospitality. In extending this rich research stream, this study aims to propose and empirically assess a new set of hotel attributes, namely, faith-based attributes that allow tourists to continue following the activities and rituals guided by their religions while on vacation. Design/methodology/approach Using the Bayesian quantile regression for the first time in the field of hotel pricing, the hedonic pricing models examine both internal and external faith-based attributes, namely, halal services, which cater to the needs of Muslim tourists, in a sample of 805 hotels across the top three non-Muslim country destinations (Singapore, Thailand and Japan). Findings By exploring the effects of faith-based (halal) attributes available in hotels located in the biggest cities of the above-mentioned destinations, this study provides evidence for the significant role of faith-based (halal) attributes in determining hospitality prices. Practical implications This study’s findings offer a resource for several implications for tourism and hospitality scholars, practitioners and policymakers, especially within the field of Muslim/halal tourism, to develop action plans and strategies. Originality/value This study is the first to introduce a novel set of faith-based hospitality attributes and empirically assess their impact on hospitality price formation. Additionally, it contributes to the hedonic pricing method by being the first to use the Bayesian quantile regression.

The determinants of real estate prices in a European context: a four-level analysis

PurposeThis paper explores the real estate price determinants at four geographical levels: in the European Union as a whole, in the 28 European Union countries, in one European Union country (Portugal) and in 25 Portuguese metropolitan statistical areas (MSAs).Design/methodology/approachThe authors run two time series regression models and two panel data regression models with observations of potential real estate price determinants and House Price Indices collected from Eurostat.FindingsThe results show that price determinants, such as gross domestic product (GDP), interest rates, housing starts and tourism, are statistically significant, but not in all the four geographical levels of analysis. The results also confirm the autoregressive characteristic of real estate prices, with the last period price change being the most important determinant of current period real estate price change.Practical implicationsForecasting real estate prices can be made more effective by knowing that each geographical level of analysis implies different price determinants and that momentum is an important determinant in real estate returns.Originality/valueTo the best of the authors knowledge, this is the first study to develop and test a real estate price equilibrium model at several different geographical levels of the same political space.

A framework for assessing and intervening in markets driving unsustainable wildlife use

Understanding how markets drive unsustainable wildlife use is key for biodiversity conservation. Yet most approaches to date look at isolated components of wildlife markets, hindering our ability to intervene effectively to improve sustainability. To better assess and intervene in wildlife markets, we propose a framework that integrates three analytical levels. The first level, “actor”, assesses the underlying motivations and mechanisms that allow or constrain how actors benefit from wildlife markets. The second level, “inter-actor”, assesses the configuration of wildlife product supply-chains and the type of competition between actors participating in wildlife markets. The third level, “market”, evaluates overarching dynamics, quantity and price determinants, and the presence and effect of illegal products flowing into markets. We showcase the utility of the framework in a data-limited small-scale fishery case study (common hake, Merluccius gayi gayi in Chile); our mixed-method analysis provided relevant, tailored management recommendations for improving sustainability. Tackling markets driving unsustainable wildlife use needs integrated approaches that bring together the diversity of factors affecting wildlife market dynamics.

Wine price determinants. Is there a homogeneous international standard?

This article presents an international comparison of the main determinants of wine prices in specialist online wine shops. Hedonic price functions were estimated for 9624 wines spread among four datasets from France, Italy, Germany and Australia. To explain price variation data was collected on wine classification, closure type, wine origin, medals or awards, vintage, alcohol content, color, and grape variety. Results from quantile regression models show that the wine vintage is a common price driver in all markets and quantiles. A quite similar effect was found for alcohol content. In terms of color, the implicit prices for red and white wines are also structurally different between countries, particularly in origin, blend, closure, awards and age. Thus, the markets should be assumed as heterogeneous, and the extrapolation of the results from one market to another may lead to erroneous management decisions.