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Demand Function of Golf course: An application of Spatial Econometrics Model

  • Korea Real Estate Review
  • 2009, 19(2), pp.297-311
  • Publisher : korea real estate research institute
  • Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate

김성제 1,  Kim, Misuk 2,  최상희 3,  이은진 3

1한국토지공사 토지연구원
2LH 토지주택연구원 수석연구원
3LH토지주택연구원

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ABSTRACT

It is a crucial process to conduct feasibility study on regional development projects requiring huge investment fund, and to estimate the economic impact of such projects in order to know how much the regional development projects impact the activation of regional economies. This paper made a case study on the active regional construction projects for golf course facilities nationwide in an effort to offer a demand function estimation method. Unlike previous researches, to include the competitive and complementary relationships among golf courses across the nation, this study used MLE(Maximum Likelihood Estimation) to determine general spatial models including a spatial weighted matrix. The analysis findings are outlined as follows. The demand for the tourist leisure facilities (golf courses), i.e., the number of visitors is deemed to be influenced mainly by such golf courses’ location (whether located in the Seoul metropolitan area or not) and their size and subsidiary facilities, and the number of regional employees, among other factors. Of golf course operation-types, a simultaneous operation of a public golf course was found to negatively affect the number of visitors. It was confirmed that the demand function by facility examined herein could be used as a model to estimate not only an objective demand, but also the related regional characteristics and factors influencing a business plan.

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