This article utilizes data from the complete set of U.S. thoroughbred 2-year-old in-training sales held in 2013 and estimates the determinants of prices for 1806 two-year-old thoroughbreds. The results reveal that the time in which these prospective racehorses run a standardized distance is the most statistically significant determinant of market price. Other individual horse characteristics, pedigree quality variables and sale quality are also found to be price determinants. An additional result of interest is the significant premium buyers are willing to pay for horses by sires of unknown quality.
|Number of pages||8|
|State||Published - Oct 13 2016|
Bibliographical notePublisher Copyright:
© 2016 Informa UK Limited, trading as Taylor & Francis Group.
- 2-year-old in-training sale
- Hedonic price analysis
ASJC Scopus subject areas
- Economics and Econometrics