Estudo hedônico dos preços de equinos da raça Mangalarga Marchador comercializados em leilões

Abstract

The horse market has peculiarities related to other agricultural and livestock products. Animals used for food and fiber production and their products are commodities while horses usually are not. These animals are susceptible to differentiation, therfore market players have some power over the animal pricing. On the other hand, commodities are non-differentiated products and their prices are imposed by the market. Animals are not alike, each one is an individual with peculiarities, which have an implicit price and a marginal market value. The literature on which attributes influence horse price formation in Brazil is non-existent, therefore breeders base themselves only on empirical criteria to price animals for sale, accountancy and management decisions. This Project aims to establish the set of characteristics of Mangalarga Marchador price definition in auctions and estimate a hedonic price function to determine the marginal value of each attribute. Firstly, the calendar of Mangalarga Marchador breed auctions for 2018 will be identified. Animal offered characteristics will be collected from the auction catalogs. Then, a survey will be carried out on the prices attained on auction lots, and finally it will be performed data analysis through multiple regression, in order to identify the factors that influenced the prices and in which proportion. Thus, the implicit prices will be calculated for horse and auction characteristics, and the level of market price desire for each atribute can be compared.