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Hedonic Price Analysis of Thoroughbred Broodmares in Foal

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  • Stoeppel, Kelly M.
  • Maynard, Leigh J.

Abstract

Thoroughbred broodmares are the foundation of a successful racing operation. This study estimated the impact of breeding, racing, genetic, and market characteristics on broodmare auction prices. Data represent 298 broodmares in foal that were sold in Keeneland's 2005 sale. Prices were most responsive to the sire's stud fee and the broodmare's age, with pronounced day-of-sale effects. Overall valuation structure appeared similar to Neibergs' results using the 1996 data. Out-of-sample forecasts were far superior to naive forecasts, but were not accurate enough to use in isolation from other decision aids such as visual inspection of the horse.

Suggested Citation

  • Stoeppel, Kelly M. & Maynard, Leigh J., 2006. "Hedonic Price Analysis of Thoroughbred Broodmares in Foal," Staff Papers 37871, University of Kentucky, Department of Agricultural Economics.
  • Handle: RePEc:ags:ukysps:37871
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    References listed on IDEAS

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    1. Neibergs, J. Shannon & Thalheimer, Richard, 1997. "Price Expectations And Supply Response In The Thoroughbred Yearling Market," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 29(02), December.
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    5. Mark Robbins & Peter Kennedy, 2001. "Buyer behaviour in a regional thoroughbred yearling market," Applied Economics, Taylor & Francis Journals, vol. 33(8), pages 969-977.
    6. Steven Buccola & Yoko Iizuka, 1997. "Hedonic Cost Models and the Pricing of Milk Components," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(2), pages 452-462.
    7. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132-132.
    8. Neibergs, J. Shannon & Thalheimer, Richard, 1997. "Price Expectations and Supply Response in the Thoroughbred Yearling Market," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 29(02), pages 419-435, December.
    9. Taylor, Mykel R. & Dhuyvetter, Kevin C. & Kastens, Terry L. & Douthit, Megan & Marsh, Thomas L., 2004. "Price Determinants Of Show Quality Quarter Horses," 2004 Annual Meeting, June 30-July 2, 2004, Honolulu, Hawaii 36199, Western Agricultural Economics Association.
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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. 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.
    3. Hansen, Charlotte R. & Stowe, C. Jill, 2017. "Determinants of Weanling Thoroughbred Auction Prices," 2017 Annual Meeting, February 4-7, 2017, Mobile, Alabama 252780, Southern Agricultural Economics Association.
    4. 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.
    5. Stowe, C. Jill & Ajello, Billy, . "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.
    6. 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.
    7. 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.
    8. Adekunle Van Wie, Omotoyosi & Saghaian, Sayed & Stowe, Christina & Markus,Lang, 2013. "A hedonic price analysis of internet auctions for the BLM's wild horses and Burros," 2014 Annual Meeting, February 1-4, 2014, Dallas, Texas 162469, Southern Agricultural Economics Association.
    9. 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(02), May.

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