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Show Quality Quarter Horse Auctions: Price Determinants and Buy-Back Practices

  • Taylor, Mykel R.
  • Dhuyvetter, Kevin C.
  • Kastens, Terry L.
  • Douthit, Megan
  • Marsh, Thomas L.

This study estimates the price determinants of show quality quarter horses sold at auction. Several characteristics including genetic and physical traits, quality of pedigree, and performance record of the horse, as well as the horse's offspring, were found to significantly impact selling price. Sale order positively affected price and appears to be driven by buyers rather than intentional ordering of the horses. A common practice at horse auctions is for the seller to reject the final bid offered and buy back the horse. Model-predicted prices for these buy-back horses indicate they are not undervalued by the final bids, based on their characteristics.

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File URL: http://purl.umn.edu/8631
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Article provided by Western Agricultural Economics Association in its journal Journal of Agricultural and Resource Economics.

Volume (Year): 31 (2006)
Issue (Month): 03 (December)
Pages:

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Handle: RePEc:ags:jlaare:8631
Contact details of provider: Web page: http://waeaonline.org/

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  1. Dhuyvetter, Kevin C. & Schroeder, Ted C. & Simms, Danny D. & Bolze, Ronald P., Jr. & Geske, Jeremy, 1996. "Determinants Of Purebred Beef Bull Price Differentials," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 21(02), December.
  2. Lansford, Notie H., Jr. & Freeman, David W. & Topliff, Donald R. & Walker, Odell L., 1998. "Hedonic Pricing of Race-Bred Yearling Quarter Horses Produced by Quarter Horse Sires and Dams," Journal of Agribusiness, Agricultural Economics Association of Georgia, vol. 16(2).
  3. Jan Chvosta & Randal R. Rucker & Myles J. Watts, 2001. "Transaction Costs and Cattle Marketing: The Information Content of Seller-Provided Presale Data at Bull Auctions," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(2), pages 286-301.
  4. Mark Robbins & Peter Kennedy, 2001. "Buyer behaviour in a regional thoroughbred yearling market," Applied Economics, Taylor & Francis Journals, vol. 33(8), pages 969-977.
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