Data/hora: 10/06/2024 08:56:07

Provedor de dados: | 31
País: | United States
Título: | MAXIMUM-LIKELIHOOD ESTIMATES OF RACEHORSE EARNINGS AND PROFITABILITY
Autores: | Vinzant,   Patrick L.; Neibergs,   J. Shannon.
Data: | 2005-09-13
Ano: | 1999
Palavras-chave: | Claiming horses; Financial risk; Maximum likelihood; Probability; Profitability; Thoroughbred; Agribusiness.
Resumo: | Thoroughbred racehorses are commonly characterized as unprofitable investments.  Previous studies, grouping all racehorses together, estimate that over 80% of all racehorses in training fail to earn enough to recover the variable costs of training.  However, these studies are not truly representative, because they fail to account for a number of factors affecting profitability.  This study estimates expected purse earnings and profitability of claiming horses in Kentucky.  Maximum-likelihood estimates of probability distribution parameters show that expected purse earnings follow an exponential distribution with a mean of $25,267.  Profitability is best described by a Gamma distribution with a mean of $4,824.  Of the 305 claims analyzed for profitability, 61% were profitable.  The results indicate substantial financial risk associated with claiming race horses, but conclude that there are positive economic returns on average.
Tipo: | Journal Article
Idioma: | Inglês

Identificador:

17457

http://purl.umn.edu/14682

Editor: | AgEcon Search
Relação: | Journal of Agribusiness&gt;Volume 17, Number 1, Spring 1999

Formato:

12

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