경주마 특성이 낙찰 확률과 경락가격에 미치는 영향

Determinants of Sale Success Probability and Sale Price in Korean Thoroughbred Auctions

This study estimates the impacts of thoroughbred characteristics on the probability of sale (i.e., success in finding sale price) as well as on hammer price (i.e., auction sale price). Concerning the possible correlation between sale success probability and sale price level, we attempted to estimate a Heckman type sample selection model. Because it turned out that the correlation was not significant, we estimated the mechanism of auction success and that of price determination separately as well. Most of the characteristics including age, color, sex and pedigree were found to be significantly affecting both the probability of sale and the sale price level. Besides, whether a horse was listed by Korea Racing Authority (KRA) was the most influential factor of sale success probability. This finding implies that the general non-KRA breeders have to make a strategic decision making when they choose auction markets to participate in.