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Abstract
By the time a Thoroughbred stallion produces four crops of foals, the success of his entire breeding career is largely determined. One hundred and sixty-three Thoroughbred sires beginning their breeding careers between 2002 and 2005 are tracked for five consecutive years. Adopting a hedonic pricing method, we observe how determinants of stud fees change as new information about the sire’s quality becomes available. Results show that initially, a sire’s own racetrack performance is influential in predicting stud fees; eventually, this information becomes irrelevant as information about progeny performance (both on the racetrack and in the auction ring) is learned.