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Price Expectations And Supply Response In The Thoroughbred Yearling Market

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  • Neibergs, J. Shannon
  • Thalheimer, Richard
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    Abstract

    Limited information is available concerning price determination in the thoroughbred yearling market. A recursive model incorporating price expectations and biological constraints is used to estimate supply and demand functions for thoroughbred horses. Empirical results characterize a market with inelastic supply and elastic demand that converges to equilibrium under static conditions. Purses were identified as the most influential variable impacting price. Comparative statics illustrate the effectiveness of purses as a policy instrument for the thoroughbred industry. Federal tax policy also was found to have a significant impact on the decisions to breed or invest in thoroughbred yearlings.

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    File URL: http://purl.umn.edu/15061
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    Bibliographic Info

    Article provided by Southern Agricultural Economics Association in its journal Journal of Agricultural and Applied Economics.

    Volume (Year): 29 (1997)
    Issue (Month): 02 (December)
    Pages:

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    Handle: RePEc:ags:joaaec:15061

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    Web page: http://www.saea.org/jaae/jaae.htm
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    Related research

    Keywords: Elasticity; Parimutual horse racing; Price determination; Price flexibility; Purses; Thoroughbred; Yearling; Demand and Price Analysis; Livestock Production/Industries;

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    1. Rosen, S. & Murphy, K.M. & Scheinkman, J.A., 1993. "Cattle Cycles," University of Chicago - Economics Research Center 93-2, Chicago - Economics Research Center.
    2. Foster, Kenneth A & Burt, Oscar R, 1992. "A Dynamic Model of Investment in the U.S. Beef-Cattle Industry," Journal of Business & Economic Statistics, American Statistical Association, vol. 10(4), pages 419-26, October.
    3. Gulley, O. David & Scott, Frank A. Jr., 1989. "Lottery Effects on Pari-Mutuel Tax Revenues," National Tax Journal, National Tax Association, vol. 42(1), pages 89-93, March Cit.
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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. 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.
    3. Vinzant, Patrick L. & Neibergs, J. Shannon, 1999. "Maximum-Likelihood Estimates Of Racehorse Earnings And Profitability," Journal of Agribusiness, Agricultural Economics Association of Georgia, vol. 17(1).
    4. 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.
    5. Poerwanto, Devie A. & Stowe, C. Jill, . "The Relationship Between Sire Representation and Average Yearling Prices in the Thoroughbred Industry," Journal of Agribusiness, Agricultural Economics Association of Georgia.
    6. Vickner, Steven S. & Koch, Stephen I., 2001. "Hedonic Pricing, Information, And The Market For Thoroughbred Yearlings," Journal of Agribusiness, Agricultural Economics Association of Georgia, vol. 19(2).
    7. J. Shannon Neibergs, 2001. "A hedonic price analysis of thoroughbred broodmare characteristics," Agribusiness, John Wiley & Sons, Ltd., vol. 17(2), pages 299-314.
    8. Stowe, C. Jill & Ajello, Billy, . "A Hedonic Price Analysis of Differentiated Products of Unknown Quality: Freshman Sire Stud Fees in the Thoroughbred Breeding Industry," Journal of Agribusiness, Agricultural Economics Association of Georgia.

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