Determinants of Thoroughbred Racehorse Stud Fees Público

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 24

TRAITS OF THE STALLION'S PROGENY 28

ALTERNATIVE PRICING MODELS IN THE BREEDING INDUSTRY 30

CONCLUSION 32 REFERENCES 35 TABLES

TABLE 1. SUMMARY OF THE VARIABLES IN THE DATA SET 19

TABLE 2. AVERAGES FOR THE BREED 20

TABLE 3. FIXED EFFECTS AND RANDOM EFFECTS REGRESSIONS WITH DEPENDENT VARIABLE LOG OF REAL STUD FEE 22

About this Honors Thesis

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School	Emory College
Department	Economics
Degree	BA
Submission	Honors Thesis
Language	English
Research Field	Economics, General
Palavra-chave	Hedonic Price Index Stud Fee Thoroughbred Racehorse
Committee Chair / Thesis Advisor	Curran, Christopher, Emory University
Committee Members	Mialon, Hugo M, Emory University Garibaldi, Skip, Emory University

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