  Given an $n$-tuple of positive real numbers $\alpha$ we consider the
hyperpolygon space $X(\alpha)$, the hyperk\"{a}hler quotient analogue to the
K\"ahler moduli space of polygons in $\mathbb{R}^3$. We prove the existence of
an isomorphism between hyperpolygon spaces and moduli spaces of stable,
rank-$2$, holomorphically trivial parabolic Higgs bundles over $\mathbb{C}
\mathbb{P}^1$ with fixed determinant and trace-free Higgs field. This
isomorphism allows us to prove that hyperpolygon spaces $X(\alpha)$ undergo an
elementary transformation in the sense of Mukai as $\alpha$ crosses a wall in
the space of its admissible values. We describe the changes in the core of
$X(\alpha)$ as a result of this transformation as well as the changes in the
nilpotent cone of the corresponding moduli spaces of parabolic Higgs bundles.
Moreover, we study the intersection rings of the core components of
$X(\alpha)$. In particular, we find generators of these rings, prove a
recursion relation in $n$ for their intersection numbers and use it to obtain
explicit formulas for the computation of these numbers. Using our isomorphism,
we obtain similar formulas for each connected component of the nilpotent cone
of the corresponding moduli spaces of parabolic Higgs bundles thus determining
their intersection rings. As a final application of our isomorphism we describe
the cohomology ring structure of these moduli spaces of parabolic Higgs bundles
and of the components of their nilpotent cone.
