Hedonic Price Analysis of Thoroughbred Broodmares in Foal

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.


Issue Date:
2007
Publication Type:
Journal Article
DOI and Other Identifiers:
0738-8950 (Other)
PURL Identifier:
http://purl.umn.edu/62295
Published in:
Journal of Agribusiness, Volume 25, Number 2
Page range:
181-195
Total Pages:
15




 Record created 2017-04-01, last modified 2017-08-25

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