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Hedonic Pricing, Information, And The Market For Thoroughbred Yearlings

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Author Info
Vickner, Steven S.
Koch, Stephen I.
Abstract

Building on the 1997 work of Chezum and Wimmer, and the 1998 work of Lansford, Freeman, Topliff, and Walker, we estimated a hedonic hammer price model on a random and representative sample of 212 yearlings from the 1999 Keeneland September Yearling Sale. Explanatory variables representing day of sale, age of yearling, stud fee, racing performance of sire and dam, geographic origin of yearling, and yearling health information were statistically significant. In each model, we failed to reject the null hypothesis of no adverse selection; sellers who breed and race horses did not receive a statistically significant price penalty on their yearlings sold in this auction, compared to sellers who just breed horses.

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File URL: http://purl.umn.edu/14693
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Publisher Info
Article provided by Agricultural Economics Association of Georgia in its journal Journal of Agribusiness.

Volume (Year): 19 (2001)
Issue (Month): 2 ()
Pages:
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Handle: RePEc:ags:jloagb:14693

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Postal: 301 Conner Hall, University of Georgia, Athens, GA 30602-7509
Web page: http://www.agecon.uga.edu/~jab/
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Related research
Keywords: agribusiness; equine; hedonic pricing; information; price discovery; thoroughbred yearlings; Livestock Production/Industries;

References listed on IDEAS
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  1. Deirdre N. McCloskey & Stephen T. Ziliak, 1996. "The Standard Error of Regressions," Journal of Economic Literature, American Economic Association, vol. 34(1), pages 97-114, March. [Downloadable!] (restricted)
  2. Thalheimer, Richard & Ali, Mukhtar M, 1995. "Exotic Betting Opportunities, Pricing Policies and the Demand for Parimutuel Horse Race Wagering," Applied Economics, Taylor and Francis Journals, vol. 27(8), pages 689-703, August.
  3. Neibergs, J. Shannon & Thalheimer, Richard, 1997. "Price Expectations And Supply Response In The Thoroughbred Yearling Market," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 29(02), December. [Downloadable!]
  4. Karungu, Peter & Reed, Michael & Tvedt, Douglas, 1993. "Macroeconomic Factors And The Thoroughbred Industry," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 25(01), July. [Downloadable!]
  5. Akerlof, George A, 1970. "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, MIT Press, vol. 84(3), pages 488-500, August. [Downloadable!] (restricted)
  6. Genesove, David, 1993. "Adverse Selection in the Wholesale Used Car Market," Journal of Political Economy, University of Chicago Press, vol. 101(4), pages 644-65, August. [Downloadable!] (restricted)
  7. Halvorsen, Robert & Pollakowski, Henry O., 1981. "Choice of functional form for hedonic price equations," Journal of Urban Economics, Elsevier, vol. 10(1), pages 37-49, July. [Downloadable!] (restricted)
  8. Thalheimer, Richard & Ali, Mukhtar M, 1992. "Demand for Parimutuel Horse Race Wagering with Special Reference to Telephone Betting," Applied Economics, Taylor and Francis Journals, vol. 24(1), pages 137-42, January.
  9. Chvosta, Jan & Rucker, Randal R & Watts, Myles J, 2001. " Transaction Costs and Cattle Marketing: The Information Content of Seller-Provided Presale Data at Bull Auctions," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 83(2), pages 286-301, May. [Downloadable!] (restricted)
  10. Ali, Mukhtar M & Thalheimer, Richard, 1997. "Transportation Costs and Product Demand: Wagering on Parimutuel Horse Racing," Applied Economics, Taylor and Francis Journals, vol. 29(4), pages 529-42, April. [Downloadable!] (restricted)
  11. Buzby, Jean C & Jessup, Eric L, 1994. "The Relative Impact of Macroeconomic and Yearling-Specific Variables in Determining Thoroughbred Yearling Price," Applied Economics, Taylor and Francis Journals, vol. 26(1), pages 1-8, January.
  12. Schroeder, Ted & Mintert, James & Brazle, Frank & Grunewald, Orlen, 1988. "Factors Affecting Feeder Cattle Price Differentials," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 13(01), July. [Downloadable!]
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This page was last updated on 2009-12-26.

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