HEDONIC PRICE ANALYSIS OF NON-BARREN BROODMARES

Bree L. Dority (), Dayna Larreau () and Frank Tenkorang ()
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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

Review of Economic and Business Studies, 2016, issue 18, 61-75

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.

Keywords: broodmare; hedonic pricing; thoroughbred (search for similar items in EconPapers)
JEL-codes: D46 L11 Q13 (search for similar items in EconPapers)
Date: 2016
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