Date of Award
Master of Science (MS)
Department of Agriculture
A horse’s lifespan ranges from 20 to 30 years while a Thoroughbred racehorse’s career averages just 4.45 years. According to the American Horse Council Foundation, 33% of the horses in the United States are involved in the racing industry. Upon retiring from racing, Thoroughbreds have the option of being kept as breeding stock or sold to equestrians in the non-racing sector to begin second careers. Retired Thoroughbred racehorses may prove to be a great investment for equestrians wanting an athletic horse for an affordable price and provide a second career track for these retired racehorses. This study aims to analyze what demand determinants effect the horse’s sale price after additional training. Thoroughbreds can have many active years after retiring off of the track and can be a great investment for equestrians wanting an athletic horse for an affordable price. Results show that a horse’s age, gender, color, discipline affiliation, and training impact the horse’s listing price. The horse’s age at the time of the auction was found statistically significant, increasing the horse’s price $430.50 for every additional year while the age variable squared was also significant but at a decreasing rate of $22.94 for every additional year. Buyers purchasing on online auctions may consider a younger, possibly inexperienced horse worth more than an older horse. The discipline of trail was found to be statistically significant, decreasing the value of the horse $1,599.46. Trail was compared to english general riding. This result shows that buyers may have preference to horses in more competitive disciplines. The horse’s price increased $1,967.33 with the affiliation of USEF USHJA or USEA listed on their advertisement. This affiliation membership allows buyers to search for the horse’s competition record. Buyers may put more value on these memberships as they know the horse has competed in nationally ranked competitions. Female horses, mares, were found to be valued $924.08 less than castrated male horses, geldings. Lastly, the colors chestnut and gray roan were found to be valued more than bay, brown, or black colored horses. Chestnuts were valued $1,071.07 more while gray roan horses were valued $1,054.05 more than the bay, brown, or black colored horses. Bay, brown, and black colored horses are more common than chestnut, gray, and roan horses which makes this result not surprising. Results from this study can help educate the equine industry on valuable traits Thoroughbreds can have outside of the racing industry.
Camp, Madalynn Nicole, "A Hedonic Analysis of Thoroughbred Horses in Online Auctions" (2023). Theses and Dissertations. 1660.