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Title: Hedonic Price Analysis of Thoroughbred Broodmares in Foal
Authors: Maynard, Leigh J.
Stoeppel, Kelly M.
Keywords: broodmare
hedonic price analysis
Issue Date: 2007
Abstract: Thoroughbred broodmares are the foundation of a successful racing operation. This study estimated the impact of breeding, racing, and market characteristics on broodmare auction prices. Data represent 604 in-foal broodmares sold in Keeneland’s 2005 sale. Prices were highly responsive to the sire’s stud fee, the broodmare’s age, and progeny performance in graded stakes races, with pronounced day-of-sale effects. The stud fee marginal value was substantially lower than one break-even estimate, suggesting possible disincentives for investment in stallion services. Out-of-sample forecasts were far superior to naïve forecasts but were not accurate enough to use in isolation from other decision aids.
Identifiers: 0738-8950
Institution/Association: Journal of Agribusiness>Volume 25, Number 2, Fall 2007
Total Pages: 15
From Page: 181
To Page: 195
Collections:Volume 25, Number 2, Fall 2007

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