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1 results

  • Price Expectations and Supply Response in the Thoroughbred Yearling Market

  • J. Shannon Neibergs, Richard Thalheimer
  • Journal:
    Journal of Agricultural and Applied Economics / Volume 29 / Issue 2 / December 1997
    Published online by Cambridge University Press:
    28 April 2015, pp. 419-435

  • Limited information is available concerning price determination in the thoroughbred yearling market. A recursive model incorporating price expectations and biological constraints is used to estimate supply and demand functions for thoroughbred horses. Empirical results characterize a market with inelastic supply and elastic demand that converges to equilibrium under static conditions. Purses were identified as the most influential variable impacting price. Comparative statics illustrate the effectiveness of purses as a policy instrument for the thoroughbred industry. Federal tax policy also was found to have a significant impact on the decisions to breed or invest in thoroughbred yearlings.