文章基本信息

标题：A Hedonic Price Analysis of Differentiated Products of Unknown Quality: Freshman Sire Stud Fees in the Thoroughbred Breeding Industry
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作者：Stowe, C. Jill ; Ajello, Billy
期刊名称：Journal of Agribusiness
印刷版ISSN：0738-8950
出版年度：2010
期号：Suppl
页码：19-30
出版社：Journal of Agribusiness
摘要：Prices transmit information regarding the underlying quality of a product; when quality is unknown to both buyers and sellers, theory predicts that the same price should be charged for all products. However, in the Thoroughbred industry, difference fees are charged to breed to freshman sires, which are stallions of unknown quality standing their first season at stud. We find that stallion owners/ managers differentiate their products according to attributes which may predict offspring quality. A freshman sire’s own racetrack performance, standing in the state of Kentucky, and descending from a prominent sire line are found to be statistically and economically significant.
关键词：differentiated products;freshman sire;hedonic price analysis;Thoroughbred industry;unknown quality