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Buyer behaviour in a regional thoroughbred yearling market

Author

Listed:
  • Mark Robbins
  • Peter Kennedy

Abstract

This paper reports the results of an hedonic pricing analysis of a regional thoroughbred auction market, adding to a literature which has been built mainly on data from elite auction markets. The main contribution of the paper is the finding that the role of the dam in affecting yearling price, elusive in the existing literature, is shown to depend primarily on information about progeny performance rather than dam performance. Additional results confirm existing knowledge about the roles of the sire, yearling sex, and yearling age, and support suspicions that race horses are consumer rather than investment goods.

Suggested Citation

  • Mark Robbins & Peter Kennedy, 2001. "Buyer behaviour in a regional thoroughbred yearling market," Applied Economics, Taylor & Francis Journals, vol. 33(8), pages 969-977.
    • Handle: RePEc:taf:applec:v:33:y:2001:i:8:p:969-977
    DOI: 10.1080/00036840010002529
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    Citations

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    Cited by:

    1. Kim, Jun Sung & Mitchell, Sophie Deborah & Wang, Liang Choon, 2019. "Hedonic pricing and the role of stud fees in the market for thoroughbred yearlings in Australia," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 63(3), July.
    2. Stowe, C. Jill & Ajello, Billy, 2010. "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, vol. 28(1).
    3. Maynard, Leigh J. & Stoeppel, Kelly M., 2007. "Hedonic Price Analysis of Thoroughbred Broodmares in Foal," Journal of Agribusiness, Agricultural Economics Association of Georgia, vol. 25(2), pages 1-15.
    4. Taylor, Mykel R. & Dhuyvetter, Kevin C. & Kastens, Terry L. & Douthit, Megan & Marsh, Thomas L., 2006. "Show Quality Quarter Horse Auctions: Price Determinants and Buy-Back Practices," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 31(3), pages 1-21, December.
    5. Taylor, Mykel & Sieverkropp, Elizabeth, 2013. "The Impacts of U.S. Horse Slaughter Plant Closures on a Western Regional Horse Market," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 38(1), pages 1-16, April.
    6. Hansen, Charlotte R. & Stowe, C. Jill, 2018. "Determinants Of Weanling Thoroughbred Auction Prices," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 50(1), pages 48-63, February.
    7. Conor Parsons & Ian Smith, 2008. "The Price of Thoroughbred Yearlings in Britain," Journal of Sports Economics, , vol. 9(1), pages 43-66, February.
    8. Marion Robert & C. Jill Stowe, 2016. "Ready to run: price determinants of thoroughbreds from 2 year olds in training sales," Applied Economics, Taylor & Francis Journals, vol. 48(48), pages 4690-4697, October.
    9. Emily J. Plant & C. Jill Stowe, 2019. "Is Moneyball Relevant on the Racetrack? A New Approach to Evaluating Future Racehorses," Journal of Sports Economics, , vol. 20(3), pages 428-447, April.
    10. Bree L. DORITY & DAYNA LARREAU & Frank TENKORANG, 2016. "Hedonic Price Analysis Of Non-Barren Broodmares," Review of Economic and Business Studies, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, issue 18, pages 61-75, December.

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