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Publication Date
2025
Document Type
Poster
Degree Type
Undergraduate
Department
Agriculture
Mentor
Dr. Michelle Kibler
Mentor Department
Agriculture
Abstract
The sport horse industry continues to be popular as people compete at various levels in horse sport. To bridge the gap between breeders, sellers, and buyers, relevant buyer preference data must be available. Previous studies have found heterogeneity among buyer preferences for horse attributes of non-racing thoroughbreds and stock-type horses. To understand buyer valuation of sport horse attributes, auction data collected including physical horse attributes, seller information about the horse, and auction information for 3,353 horses listed at online sport horse auctions from 2013- 2024. Horses younger than one year old and were excluded from the analysis considering they are purchased on expectations rather than current ability. An ordinary least squares regression was modelled to determine factors contributing to a horse’s value, comparing bid price to auction, horse, and geo-temporal factors for 2,382 horses that were older than a year old sold at online auctions from 2013-2024. Summary statistics and hedonic models were estimated in Stata 18 (StataCorp 2023). Robust standard errors were used to adjust for heteroskedasticity in the data. Geldings held the highest premium, with mares discounted $1,789 (p< 0.001). Chestnut horses had a $738 (p< 0.05) discount compared to bay/ brown. In comparison to quarter horses, warmblood breeds such as Oldenburg or Dutch Warmblood commanded a premium, $4,007 (p< 0.01) and $4,169 (p< 0.01) respectively. In contrast, sport horse buyers discounted Thoroughbred horses in comparison to quarter horses ($2,709; p< 0.01). A horse’s current or prospective training and sport listed did have an impact on price, where horses listed with hunter under saddle training were valued $922 more (p< 0.01) on average than horses without training listed. In contrast, a horse listed with trail training were valued $1,001 less (p< 0.01) than those not listed as trail. Determinants vary based on discipline and buyer preference, but overall, breed, color, discipline, and sex preferences impact the selling price, and thus provide a better understanding for seller and buyers in these auctions to more accurately set price expectations.
Recommended Citation
Stiverson, Whitney; Kibler, Michelle; and Thompson, Jada, "The Role of Key Characteristics in Sport Horses as Valued by Buyers" (2025). University Research Symposium. 501.
https://ir.library.illinoisstate.edu/rsp_urs/501
