文章基本信息

标题：PRICE EXPECTATIONS AND SUPPLY RESPONSE IN THE THOROUGHBRED YEARLING MARKET
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作者：Neibergs, J. Shannon ; Thalheimer, Richard
期刊名称：Journal of Agribusiness
印刷版ISSN：0738-8950
出版年度：1997
页码：419-435
出版社：Journal of Agribusiness
摘要：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.
关键词：Elasticity;Parimutual horse racing;Price determination;Price flexibility;Purses;Thoroughbred;Yearling