Assessing the Recreational Charter Fishing Market in Florida: A Hedonic Price Analysis

In this study we analyze the effect of a wide range of factors on the variation of recreational fishing trip prices in Florida. We collected extensive data from recreational fishing websites maintained by guides and outfitters and used different empirical methods for quantifying the relationship between trip price and various trip characteristics. The Hedonic Price model was used to estimate the implicit prices of freshwater and saltwater fishing trip characteristics. The results suggest that freshwater and saltwater anglers significantly value the lodging feature included in the fishing trip package. Moreover, saltwater anglers had a higher willingness to pay to catch specific fish species (e.g., peacock, tarpons, and dolphins). The analysis of implicit prices of fish species can provide a mechanism to fishing and wildlife management agencies to monitor and detect any significant changes in fishing activities. The findings from this study can be useful to policymakers in ensuring that policies and priorities align with anglers' preferences and with the long-term sustainability of these unique natural resources.