What determines the price of a racing horse?

Travis Ng, Terence Tai Leung Chong, Man-Tat Siu and Benjamin Everard

Applied Economics, 2013, vol. 45, issue 3, 369-382

Abstract: This article uses the data of 10 auctions from the two largest Australian auction houses to study how a racing horse is priced. We ask whether bloodline is indeed a determining factor. We find that the track record of its parents and siblings are important factors in determining the price of a yearling. Moreover, more mature horses and those purchased by foreign buyers are generally more expensive. We also show that racing horses sold in the flagship auctions are associated with a significant premium.

Date: 2013
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DOI: 10.1080/00036846.2011.605553

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