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The Price of Disclosure in the Thoroughbred Yearling Market

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  • Plant, Emily J.
  • Stowe, C. Jill

Abstract

In this paper, we examine the effects of disclosure of information on market price using Thoroughbred yearling auction data. We find that disclosures do not influence price in a segment of the auction in which quality certification is available, and consequently, the data suggest that sellers “over-disclose” in this segment of the market. However, among non-certified yearlings, we find evidence that some types of disclosures provide valuable information to buyers. Moreover, when estimating the average market value of disclosures, results suggest that some types of information are highly costly to sellers in terms of discounted prices.

Suggested Citation

  • Plant, Emily J. & Stowe, C. Jill, 2011. "The Price of Disclosure in the Thoroughbred Yearling Market," 2011 Annual Meeting, July 24-26, 2011, Pittsburgh, Pennsylvania 103663, Agricultural and Applied Economics Association.
    • Handle: RePEc:ags:aaea11:103663
    DOI: 10.22004/ag.econ.103663
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    2. Jun Sung Kim & Sophie Deborah Mitchell & Liang Choon Wang, 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), pages 439-471, July.
    3. 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.
    4. 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.
    5. 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.

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