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Show Quality Quarter Horse Auctions: Price Determinants and Buy-Back Practices

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Author Info

  • Taylor, Mykel R.
  • Dhuyvetter, Kevin C.
  • Kastens, Terry L.
  • Douthit, Megan
  • Marsh, Thomas L.

Abstract

This study estimates the price determinants of show quality quarter horses sold at auction. Several characteristics including genetic and physical traits, quality of pedigree, and performance record of the horse, as well as the horse's offspring, were found to significantly impact selling price. Sale order positively affected price and appears to be driven by buyers rather than intentional ordering of the horses. A common practice at horse auctions is for the seller to reject the final bid offered and buy back the horse. Model-predicted prices for these buy-back horses indicate they are not undervalued by the final bids, based on their characteristics.

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File URL: http://purl.umn.edu/8631
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Bibliographic Info

Article provided by Western Agricultural Economics Association in its journal Journal of Agricultural and Resource Economics.

Volume (Year): 31 (2006)
Issue (Month): 03 (December)
Pages:

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Handle: RePEc:ags:jlaare:8631

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Web page: http://waeaonline.org/
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Related research

Keywords: auction; equine; hedonic pricing; quarter horses; Demand and Price Analysis;

References

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  1. Jan Chvosta & Randal R. Rucker & Myles J. Watts, 2001. "Transaction Costs and Cattle Marketing: The Information Content of Seller-Provided Presale Data at Bull Auctions," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(2), pages 286-301.
  2. Dhuyvetter, Kevin C. & Schroeder, Ted C. & Simms, Danny D. & Bolze, Ronald P., Jr. & Geske, Jeremy, 1996. "Determinants Of Purebred Beef Bull Price Differentials," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 21(02), December.
  3. Mark Robbins & Peter Kennedy, 2001. "Buyer behaviour in a regional thoroughbred yearling market," Applied Economics, Taylor and Francis Journals, vol. 33(8), pages 969-977.
  4. Lansford, Notie H., Jr. & Freeman, David W. & Topliff, Donald R. & Walker, Odell L., 1998. "Hedonic Pricing of Race-Bred Yearling Quarter Horses Produced by Quarter Horse Sires and Dams," Journal of Agribusiness, Agricultural Economics Association of Georgia, vol. 16(2).
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Citations

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Cited by:
  1. Vestal, Mallory K. & Lusk, Jayson L. & DeVuyst, Eric A. & Cooper, Steven R. & Ward, Clement E., 2012. "Quarter Horse Supply and Demand: Welfare Analysis and Impacts of the Equine Processing Ban," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124536, Agricultural and Applied Economics Association.
  2. Vestal, Mallory K. & Lusk, Jayson L. & Cooper, Steven R. & Ward, Clement E., 2012. "What Are the Consequences of United States Government Slaughter Policies on Horse Prices?," 2012 Annual Meeting, February 4-7, 2012, Birmingham, Alabama 119766, Southern Agricultural Economics Association.
  3. Lillywhite, Jay M. & Simonsen, J., 2008. "Understanding Factors That Influence Breeders to Sell Bulls at Performance Tests," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 40(03), December.

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