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What determines the price of a racing horse?

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Abstract:

This article uses the data of 10 auctions from the two largest Australian auction houses to study how a racing horse is priced. We ask whether bloodline is indeed a determining factor. We find that the track record of its parents and siblings are important factors in determining the price of a yearling. Moreover, more mature horses and those purchased by foreign buyers are generally more expensive. We also show that racing horses sold in the flagship auctions are associated with a significant premium.

Keywords: D44; D46; auction; bloodline; hedonic pricing; horse-racing; thoroughbred yearlings

Document Type: Research Article

DOI: http://dx.doi.org/10.1080/00036846.2011.605553

Affiliations: 1: Department of Economics,Chinese University of Hong Kong, Hong Kong 2: Law Department,George Washington University, WashingtonDC, USA

Publication date: January 1, 2013

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