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Central Kentuckians’ Willingness to Pay for Horse Farm Preservation

Author

Listed:
  • SuZanne Troske

    () (Community and Economic Development in Kentucky (CEDIK), University of Kentucky, Lexington, KY 40506, USA)

  • Stephanie Waters

    () (Neogen Corporation, Lansing, MI 48912, USA)

  • James Allen

    () (Gerald R. Ford School of Public Policy, University of Michigan, Ann Arbor, MI 48109, USA)

  • Alison Davis

    () (Department of Agricultural Economics and CEDIK, University of Kentucky, Lexington, KY 40506, USA)

  • C. Jill Stowe

    () (Department of Agricultural Economics, University of Kentucky, Lexington, KY 40506, USA)

Abstract

This study estimates the non-market value of horse farms of Central Kentucky’s equine economic cluster using a contingent valuation approach. Utilizing a payment card, respondents are asked to indicate how much they would be willing to pay in additional taxes for a hypothetical “horse farm preservation program.” Results from the study showed that, on average, a Central Kentucky household was willing to pay an additional $55.14–$67.78 in taxes annually to maintain the equine industry at its current levels. The additional taxes generated would compensate for lost tax revenue from development of the land.

Suggested Citation

  • SuZanne Troske & Stephanie Waters & James Allen & Alison Davis & C. Jill Stowe, 2019. "Central Kentuckians’ Willingness to Pay for Horse Farm Preservation," Sustainability, MDPI, Open Access Journal, vol. 11(19), pages 1-15, September.
  • Handle: RePEc:gam:jsusta:v:11:y:2019:i:19:p:5210-:d:269878
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    contingent valuation; equine industry; horse farm preservation;

    JEL classification:

    • Q - Agricultural and Natural Resource Economics; Environmental and Ecological Economics
    • Q0 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General
    • Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation
    • Q3 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation
    • Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products

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