Determinants of Thoroughbred Racehorse Stud Fees Open Access
Cameron, Rebecca Ruby (2010)
Published
Abstract
EMORY COLLEGE OF ARTS AND SCIENCES
Abstract
Determinants of Thoroughbred Racehorse Stud Fees
By Rebecca Ruby Cameron
This paper seeks to establish the main determinants of Thoroughbred
racehorse stud fees.
The study looks at a collection of characteristics of the stallion
and his progeny on which the
data is available, yielding an unbalanced panel data set for the
past ten years. Fixed effects and
random effects regressions are used to model the data, and produce
a Hedonic Price Index that
can be used to establish the marginal effect of each individual
characteristic on the stallion's fee.
The study suggests that breeders prefer stallions that produce
winners of stakes and graded stakes
races, have high stallion ratings, have a pedigree dominated by
speed, and are popular.
Table of Contents
CONTENTS INTRODUCTION 1 LITERATURE REVIEW 2 THEORY 4 DATA 10
POSSIBLE SOURCES OF BIAS IN THE DATA 21
RESULTS 22 TRAITS OF THE STALLION 24TRAITS OF THE STALLION'S PROGENY 28
ALTERNATIVE PRICING MODELS IN THE BREEDING INDUSTRY 30
CONCLUSION 32 REFERENCES 35 TABLESTABLE 1. SUMMARY OF THE VARIABLES IN THE DATA SET 19
TABLE 2. AVERAGES FOR THE BREED 20TABLE 3. FIXED EFFECTS AND RANDOM EFFECTS REGRESSIONS WITH DEPENDENT VARIABLE LOG OF REAL STUD FEE 22
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