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Hedonic Price Analysis Of Non-Barren Broodmares

Author

Listed:
  • Bree L. DORITY

    () (Department of Economics, University of Nebraska-Kearney, 1917 W 24th St, Kearney, NE 68849, USA)

  • DAYNA LARREAU

    () (Department of Economics, University of Nebraska-Kearney, 1917 W 24th St, Kearney, NE 68849, USA)

  • Frank TENKORANG

    () (Department of Economics, University of Nebraska-Kearney, 1917 W 24th St, Kearney, NE 68849, USA)

Abstract

The current real average selling price of a thoroughbred broodmare is nearly half its peak value in 2000. While annual price changes are influenced by economic performance, different prices at an auction are influenced by physical and genetic characteristics of broodmares. We use auction data from the 2013 November Keeneland Breeding Stock Sales to estimate a hedonic pricing model. We find prices are positively influenced by earnings of the covering sire, earnings of the broodmare, pedigree, and the racing performance of broodmare progeny. Conversely, the age of a broodmare and the day on which the horse sold have dampening effects on broodmare prices.

Suggested Citation

  • Bree L. DORITY & DAYNA LARREAU & Frank TENKORANG, 2016. "Hedonic Price Analysis Of Non-Barren Broodmares," Review of Economic and Business Studies, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, issue 18, pages 61-75, December.
  • Handle: RePEc:aic:revebs:y:2016:j:18:tenkorangf
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    References listed on IDEAS

    as
    1. Travis Ng & Terence Tai-Leung Chong & Man-Tat Siu & Benjamin Everard, 2013. "What determines the price of a racing horse?," Applied Economics, Taylor & Francis Journals, vol. 45(3), pages 369-382, January.
    2. repec:ags:jloagb:260076 is not listed on IDEAS
    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. 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), pages 1-15.
    5. 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.
    6. C. Jill Stowe, 2013. "Breeding to sell: a hedonic price analysis of leading Thoroughbred sire stud fees," Applied Economics, Taylor & Francis Journals, vol. 45(7), pages 877-885, March.
    7. Conor Parsons & Ian Smith, 2008. "The Price of Thoroughbred Yearlings in Britain," Journal of Sports Economics, , vol. 9(1), pages 43-66, February.
    8. J. Shannon Neibergs, 2001. "A hedonic price analysis of thoroughbred broodmare characteristics," Agribusiness, John Wiley & Sons, Ltd., vol. 17(2), pages 299-314.
    9. Stowe, C. Jill & Ajello, Billy, 2010. "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, vol. 28(1).
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    broodmare; hedonic pricing; thoroughbred;

    JEL classification:

    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • Q13 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Markets and Marketing; Cooperatives; Agribusiness

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