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, 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 the 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 InfoPaper provided by University of Kentucky, Department of Agricultural Economics in its series Staff Papers with number 37871.
Date of creation: Jun 2006
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broodmare; Thoroughbred horses; hedonic price analysis; forecasting; Agribusiness; Demand and Price Analysis; Marketing;
Other versions of this item:
- 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).
- 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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- 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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