The Price of Disclosure in the Thoroughbred Yearling Market

Emily J. Plant and C. Stowe

No 103663, 2011 Annual Meeting, July 24-26, 2011, Pittsburgh, Pennsylvania from Agricultural and Applied Economics Association

Abstract: In this paper, we examine the effects of disclosure of information on market price using Thoroughbred yearling auction data. We find that disclosures do not influence price in a segment of the auction in which quality certification is available, and consequently, the data suggest that sellers “over-disclose” in this segment of the market. However, among non-certified yearlings, we find evidence that some types of disclosures provide valuable information to buyers. Moreover, when estimating the average market value of disclosures, results suggest that some types of information are highly costly to sellers in terms of discounted prices.

Keywords: Agribusiness; Farm Management (search for similar items in EconPapers)
Pages: 2
Date: 2011
New Economics Papers: this item is included in nep-cta
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Related works:
Journal Article: The Price of Disclosure in the Thoroughbred Yearling Market (2013)
Journal Article: The Price of Disclosure in the Thoroughbred Yearling Market (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea11:103663

DOI: 10.22004/ag.econ.103663

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