HEDONIC PRICE ANALYSIS OF NON-BARREN BROODMARES
HEDONIC PRICE ANALYSIS OF NON-BARREN BROODMARES
Author(s): Bree L. DORITY, DAYNA LARREAU, Frank TENKORANGSubject(s): Economic history, Transformation Period (1990 - 2010), Present Times (2010 - today), Financial Markets
Published by: Editura Universităţii »Alexandru Ioan Cuza« din Iaşi
Keywords: Broodmare; hedonic pricing; thoroughbred;
Summary/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.
Journal: Review of Economic and Business Studies (REBS)
- Issue Year: 2016
- Issue No: 18
- Page Range: 61-75
- Page Count: 15
- Language: English
