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



322


Journal of Agricultural and Applied Economics, April 2008

Table 3. Regression Results for Actual Weights and Production EPDs by Sale (Equation [2])

Variable

Parameter
Estimate

Standard
Error

t-
Statistic

p-
Value

Marginal
Effect at
Average
Price

Discrete

Variable
Shifts

Elasticities
at Variable
Averages

Intercept

4.824690

0.240200

20.09

0.0000

Production measures

age***

0.003220

0.000443

7.28

0.0000

8.61

1.44

age2***

20.000002

0.000000

24.76

0.0000

birthwt***

20.001810

0.000700

22.59

0.0100

24.84

20.15

adjweanwt***

0.000588

0.000124

4.75

0.0000

1.57

0.39

Adjyearwt***

0.001330

0.000098

13.57

0.0000

3.56

1.59

EPDs

Birthepd***

20.052010

0.005043

210.31

0.0000

2139.06

20.13

Weanepd

0.000048

0.001622

0.03

0.9760

0.13

0.00

Milkepd***

0.004490

0.001234

3.64

0.0000

12.00

0.09

Yearepd***

0.005110

0.000998

5.12

0.0000

13.66

0.38

Marketing factors

Saleorder***

20.345070

0.019870

217.37

0.0000

2922.60

20.16

picture***

0.226080

0.020790

10.88

0.0000

989.25

et**

0.045310

0.018190

2.49

0.0130

180.76

sementhird***

0.163960

0.031120

5.27

0.0000

694.79

Semenhalf***

0.519760

0.099390

5.23

0.0000

2,658.11

fullbrother

0.011270

0.023210

0.49

0.6270

44.20

pathfinder*

0.044420

0.024870

1.79

0.0740

177.13

seasonofsale**

20.266420

0.104600

22.55

0.0110

2912.07

Sires

Sr1

0.018420

0.028560

0.64

0.5190

72.50

Sr2

20.014670

0.027070

20.54

0.5880

256.79

sr3**

20.051540

0.023470

22.20

0.0280

2195.90

sr4*

0.051590

0.029210

1.77

0.0770

206.46

sr5*

0.072590

0.038750

1.87

0.0610

293.61

Sr6

0.073330

0.047860

1.53

0.1260

296.71

Sr7

20.009380

0.058940

20.16

0.8740

236.41

sr8**

0.056620

0.025650

2.21

0.0270

227.17

sr9**

0.087860

0.039680

2.21

0.0270

358.13

sr10

20.003350

0.035720

20.09

0.9250

213.04

sr11

0.019470

0.040780

0.48

0.6330

76.67

sr12

20.004200

0.030680

20.14

0.8910

216.34

sr13***

0.200030

0.060010

3.33

0.0010

863.54

sr14***

0.119590

0.043130

2.77

0.0060

495.39

sr15**

0.090250

0.043900

2.06

0.0400

368.32

sr16

20.094660

0.113900

20.83

0.4060

2352.21

sr17

20.085420

0.071980

21.19

0.2350

2319.28

sr18***

0.166290

0.041150

4.04

0.0000

705.51

sr19***

0.289240

0.042380

6.83

0.0000

1,308.00

sr20

0.000708

0.036330

0.02

0.9840

2.76

sr21

0.016050

0.057230

0.28

0.7790

63.09

sr22***

0.167700

0.040670

4.12

0.0000

712.01

sr23*

0.063780

0.034550

1.85

0.0650

256.82

sr24

0.077310

0.057430

1.35

0.1780

313.44



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