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

Author

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

Abstract

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.

Suggested Citation

  • 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(03), December.
  • Handle: RePEc:ags:jlaare:8631
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    File URL: http://purl.umn.edu/8631
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    References listed on IDEAS

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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. 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.
    3. Mark Robbins & Peter Kennedy, 2001. "Buyer behaviour in a regional thoroughbred yearling market," Applied Economics, Taylor & Francis Journals, vol. 33(8), pages 969-977.
    4. 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).
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    Citations

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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 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 124536, Agricultural and Applied Economics Association.
    3. ELizondo, Vanessa & Fitzgerald, Timothy & Rucker, Randal R., 2016. "You Can’t Drag Them Away: An Economic Analysis of the Wild Horse Burro Program," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 41(1), January.
    4. Lillywhite, Jay M. & Simonsen, J., 2008. "Understanding Factors That Influence Breeders to Sell Bulls at Performance Tests," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 40(03), 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), April.

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