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Hedonic Pricing, Information, And The Market For Thoroughbred Yearlings

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  • Vickner, Steven S.
  • Koch, Stephen I.

Abstract

Building on the 1997 work of Chezum and Wimmer, and the 1998 work of Lansford, Freeman, Topliff, and Walker, we estimated a hedonic hammer price model on a random and representative sample of 212 yearlings from the 1999 Keeneland September Yearling Sale. Explanatory variables representing day of sale, age of yearling, stud fee, racing performance of sire and dam, geographic origin of yearling, and yearling health information were statistically significant. In each model, we failed to reject the null hypothesis of no adverse selection; sellers who breed and race horses did not receive a statistically significant price penalty on their yearlings sold in this auction, compared to sellers who just breed horses.

Suggested Citation

  • Vickner, Steven S. & Koch, Stephen I., 2001. "Hedonic Pricing, Information, And The Market For Thoroughbred Yearlings," Journal of Agribusiness, Agricultural Economics Association of Georgia, vol. 19(2), pages 1-17.
    • Handle: RePEc:ags:jloagb:14693
    DOI: 10.22004/ag.econ.14693
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    1. 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(2), pages 1-15, May.
    2. Hansen, Charlotte R. & Stowe, C. Jill, 2018. "Determinants Of Weanling Thoroughbred Auction Prices," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 50(1), pages 48-63, February.
    3. Kim, Jun Sung & Mitchell, Sophie Deborah & Wang, Liang Choon, 2019. "Hedonic pricing and the role of stud fees in the market for thoroughbred yearlings in Australia," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 63(3), July.
    4. Conor Parsons & Ian Smith, 2008. "The Price of Thoroughbred Yearlings in Britain," Journal of Sports Economics, , vol. 9(1), pages 43-66, February.
    5. Barnes, Kenneth R. & Franken, Jason R. & Wolfskill, L.A. & Nair, Shyam S. & Mills, Foy D. Jr. & Ullrich, Doug R., 2016. "White-tailed Deer Semen Auction Data: A Hedonic Analysis," 2016 Annual Meeting, February 6-9, 2016, San Antonio, Texas 230022, Southern Agricultural Economics Association.
    6. Emily J. Plant & C. Jill Stowe, 2019. "Is Moneyball Relevant on the Racetrack? A New Approach to Evaluating Future Racehorses," Journal of Sports Economics, , vol. 20(3), pages 428-447, April.
    7. Kathryn Bender & C. Jill Stowe, 2019. "Home off the Range: The Role of Wild Horse Internet Adoptions in Informing Sustainable Western United State Rangeland Management," Sustainability, MDPI, vol. 12(1), pages 1-13, December.
    8. 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), pages 1-16, April.
    9. Hansen, Charlotte & Saghaian, Sayed, 2015. "Progeny? Performance? What really matters in a stud fee," 2015 Annual Meeting, January 31-February 3, 2015, Atlanta, Georgia 196876, Southern Agricultural Economics Association.
    10. Kolodinsky, Jane, 2008. "Affect or information? Labeling policy and consumer valuation of rBST free and organic characteristics of milk," Food Policy, Elsevier, vol. 33(6), pages 616-623, December.

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