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Hedonic Price Analysis of Thoroughbred Broodmares in Foal

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Author Info
Stoeppel, Kelly M.
Maynard, Leigh J.
Abstract

Thoroughbred broodmares are the foundation of a successful racing operation. This study estimated the impact of breeding, racing, genetic, and market characteristics on broodmare auction prices. Data represent 298 broodmares in foal that were sold in Keeneland's 2005 sale. Prices were most responsive to the sire's stud fee and the broodmare's age, with pronounced day-of-sale effects. Overall valuation structure appeared similar to Neibergs' results using 1996 data. Out-of-sample forecasts were far superior to naive forecasts, but were not accurate enough to use in isolation from other decision aids such as visual inspection of the horse.

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Paper provided by University of Kentucky, Department of Agricultural Economics in its series Staff Papers with number 31983.

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Date of creation: 2006
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Handle: RePEc:ags:ukysps:31983

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Related research
Keywords: broodmare; Thoroughbred horses; hedonic price analysis; forecasting; Demand and Price Analysis;

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References listed on IDEAS
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  1. 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!]
  2. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb.. [Downloadable!] (restricted)
  3. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132. [Downloadable!] (restricted)
  4. Taylor, Mykel & Dhuyvetter, Kevin & Kastens, Terry & Douthit, Megan & Marsh, Thomas, 2004. "Price Determinants Of Show Quality Quarter Horses," 2004 Annual Meeting, June 30-July 2, 2004, Honolulu, Hawaii 36199, Western Agricultural Economics Association. [Downloadable!]
  5. Dadi Kristofersson & Kyrre Rickertsen, 2004. "Efficient Estimation of Hedonic Inverse Input Demand Systems," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 86(4), pages 1127-1137, November. [Downloadable!] (restricted)
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