Hedonic Price Analysis of Thoroughbred Broodmares in Foal
AbstractThoroughbred broodmares are the foundation of a successful racing operation. This study estimated the impact of breeding, racing, and market characteristics on broodmare auction prices. Data represent 604 in-foal broodmares sold in Keenelandâ€™s 2005 sale. Prices were highly responsive to the sireâ€™s stud fee, the broodmareâ€™s age, and progeny performance in graded stakes races, with pronounced day-of-sale effects. The stud fee marginal value was substantially lower than one break-even estimate, suggesting possible disincentives for investment in stallion services. Out-of-sample forecasts were far superior to naÃ¯ve forecasts but were not accurate enough to use in isolation from other decision aids.
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Bibliographic InfoArticle provided by Agricultural Economics Association of Georgia in its journal Journal of Agribusiness.
Volume (Year): 25 (2007)
Issue (Month): 2 ()
broodmare; forecasting; hedonic price analysis; Thoroughbred; Agribusiness; Livestock Production/Industries;
Other versions of this item:
- Stoeppel, Kelly M. & Maynard, Leigh J., 2006. "Hedonic Price Analysis of Thoroughbred Broodmares in Foal," Staff Papers 37871, University of Kentucky, Department of Agricultural Economics.
- Stoeppel, Kelly M. & Maynard, Leigh J., 2006. "Hedonic Price Analysis of Thoroughbred Broodmares in Foal," Staff Papers 31983, University of Kentucky, Department of Agricultural Economics.
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