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Please use this identifier to cite or link to this item: http://purl.umn.edu/14693

Title: HEDONIC PRICING, INFORMATION, AND THE MARKET FOR THOROUGHBRED YEARLINGS
Authors: Vickner, Steven S.
Koch, Stephen I.
Keywords: agribusiness
equine
hedonic pricing
information
price discovery
thoroughbred yearlings
Issue Date: 2001
Abstract: Building on the 1997 work of Chezum and Wimmer, and the 1998 work of Lansford, Freeman, Topliff, and Walker, we estimated a hedonic hammer price model on a random and representative sample of 212 yearlings from the 1999 Keeneland September Yearling Sale. Explanatory variables representing day of sale, age of yearling, stud fee, racing performance of sire and dam, geographic origin of yearling, and yearling health information were statistically significant. In each model, we failed to reject the null hypothesis of no adverse selection; sellers who breed and race horses did not receive a statistically significant price penalty on their yearlings sold in this auction, compared to sellers who just breed horses.
URI: http://purl.umn.edu/14693
Institution/Association: Journal of Agribusiness>Volume 19, Number 2, Fall 2001
Total Pages: 17
Language: English
From Page: 173
To Page: 189
Collections:Volume 19, Number 2, Fall 2001

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