Estimating the Economic Value of Specific Characteristics Associated with Angus Bulls Sold at Auction

Marginal
Effect at

Discrete

Elasticities

Parameter

Standard

t-

p-

Average

Variable

at Variable

Variable

Estimate

Error

Statistic

Value

Price

Shifts

Averages

Intercept

5.663660

0.153

37.020

0.0000

Production measures

age***

0.001950

0.000208

9.375

0.0000

5.17

0.891

age2***

20.000001

0.000000

25.431

0.0000

birthwt***

20.002760

0.000735

23.753

0.0000

27.32

20.230

adjweanwt***

0.000437

0.000122

3.602

0.0000

1.16

0.291

adjyearwt***

0.000807

0.000098

8.238

0.0000

2.14

0.961

EPDs

Birthepd***

20.048550

0.005034

29.645

0.0000

2128.78

20.125

Weanepd

0.000470

0.001691

0.278

0.7810

1.25

0.018

Milkepd***

0.006460

0.001148

5.625

0.0000

17.14

0.134

Yearepd***

0.004080

0.001111

3.672

0.0000

10.82

0.301

Uimfepd***

0.279700

0.042070

6.649

0.0000

741.90

0.020

uribepd***

0.695340

0.086760

8.014

0.0000

1,844.39

0.098

ufatepd***

23.758050

0.799200

24.703

0.0000

29,968.23

20.015

Uprpepd***

20.365540

0.074640

24.898

0.0000

2969.59

20.014

Marketing factors

Saleorder***

20.270650

0.020260

213.360

0.0000

2717.90

20.134

picture***

0.246400

0.022100

11.150

0.0000

723.75

et***

0.055660

0.017660

3.152

0.0020

148.26

sementhird**

0.091100

0.039600

2.301

0.0210

247.06

semenhalf***

0.390340

0.075680

5.157

0.0000

1,236.82

fullbrother

20.012560

0.021370

20.588

0.5570

232.33

pathfinder

0.040890

0.026990

1.515

0.1300

108.11

Sales
sale2***

20.284630

0.039270

27.249

0.0000

2641.63

sale4***

20.282470

0.059190

24.773

0.0000

2637.42

sale10***

20.537660

0.064810

28.296

0.0000

21,077.26

sale11**

20.205610

0.090510

22.272

0.0230

2481.40

sale12***

20.242700

0.037440

26.482

0.0000

2558.19

sale15

20.081500

0.071990

21.132

0.2580

2202.73

sale16***

20.140600

0.054610

22.575

0.0100

2339.75

sale23**

0.101810

0.049930

2.039

0.0420

277.61

sale24***

0.156120

0.050670

3.081

0.0020

437.67

sale27**

20.143670

0.069380

22.071

0.0380

2346.65

sale28*

0.101730

0.054170

1.878

0.0600

277.38

sale29

20.039970

0.049270

20.811

0.4170

2101.49

sale34***

20.101940

0.042710

22.387

0.0170

2251.04

sale36***

20.261310

0.051270

25.097

0.0000

2595.66

sale37***

0.131130

0.050080

2.619

0.0090

362.94

sale38

0.045470

0.060710

0.749

0.4540

120.50

sale39***

20.364370

0.059440

26.130

0.0000

2790.98

sale41***

20.367990

0.042380

28.683

0.0000

2797.49

sale42***

20.354450

0.037730

29.393

0.0000

2773.05

sale44***

20.138050

0.034070

24.052

0.0000

2334.00

sale46

0.033910

0.057060

0.594

0.5520

89.34