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Hedonic Price Analysis of Thoroughbred Broodmares in Foal


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  • Stoeppel, Kelly M.
  • Maynard, Leigh J.


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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Bibliographic Info

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
Date of revision:
Handle: RePEc:ags:ukysps:31983

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

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  1. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
  2. 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.
  3. Steven Buccola & Yoko Iizuka, 1997. "Hedonic Cost Models and the Pricing of Milk Components," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, Agricultural and Applied Economics Association, vol. 79(2), pages 452-462.
  4. Mark Robbins & Peter Kennedy, 2001. "Buyer behaviour in a regional thoroughbred yearling market," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 33(8), pages 969-977.
  5. Kristofersson, Dadi & Rickertsen, Kyrre, 2003. "Efficient Estimation Of Hedonic Inverse Input Demand Systems," 2003 Annual meeting, July 27-30, Montreal, Canada 21926, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  6. Schroeder, Ted C. & Jones, John M. & Nichols, David A., 1989. "Analysis of Feeder Pig Auction Price Differentials," Staff Papers, Kansas State University, Department of Agricultural Economics 133738, Kansas State University, Department of Agricultural Economics.
  7. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 74, pages 132.
  8. Taylor, Mykel R. & Dhuyvetter, Kevin C. & Kastens, Terry L. & Douthit, Megan & Marsh, Thomas L., 2004. "Price Determinants Of Show Quality Quarter Horses," 2004 Annual Meeting, June 30-July 2, 2004, Honolulu, Hawaii, Western Agricultural Economics Association 36199, Western Agricultural Economics Association.
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Cited by:
  1. 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, Southern Agricultural Economics Association 119766, Southern Agricultural Economics Association.
  2. 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, Agricultural and Applied Economics Association 124536, Agricultural and Applied Economics Association.
  3. Plant, Emily J. & Stowe, C. Jill, 2013. "The Price of Disclosure in the Thoroughbred Yearling Market," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 45(02), May.
  4. 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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