Barriers to Entry in the Market for Stud Services: Government and "Non-profit" Institutions in Collusion

Philip R. P. Coelho and James E. McClure

Economic Inquiry, 1987, vol. 25, issue 4, pages 659-70

Abstract: Modern technologies are banned in the breeding of Thoroughbred horses. These practices have been banned by the states defining a Thoroughbred as a horse registered by the Jocky Club of New York, and by the Club refusing to register horses bred "unnaturally." Modern technologies would vastly increase the n umber of high quality foals and lead to a decline in industry prices and profits. The breeding restrictions protect the wealth of owners a t the expense of consumers, potential input suppliers, and new breede rs. Because of the distribution of costs and benefits in the politica l process, the authors foresee no end to legislatively mandated stagnation. Copyright 1987 by Oxford University Press.

Date: 1987

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