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



Jones et al.: Value of Bull Characteristics

323


Table 3. (Continued)

Marginal
Effect at

Discrete

Elasticities

Parameter

Standard

t-

p-

Average

Variable

at Variable

Variable

Estimate

Error

Statistic

Value

Price

Shifts

Averages

sr25

20.013770

0.061070

20.23

0.8220

253.33

Sales

sale2***

20.299080

0.050090

25.97

0.0000

21,008.07

Sale6

0.018690

0.050590

0.37

0.7120

73.57

Sale7

0.006470

0.048430

0.13

0.8940

25.31

sale10***

20.502890

0.065620

27.66

0.0000

21,541.23

sale11***

20.289390

0.109800

22.64

0.0080

2979.91

sale12***

20.292490

0.038960

27.51

0.0000

2988.95

sale13**

20.256520

0.110100

22.33

0.0200

2882.34

sale15***

20.353470

0.136100

22.60

0.0090

21,161.14

sale16**

20.134510

0.056110

22.40

0.0170

2490.80

sale18***

0.190250

0.054960

3.46

0.0010

817.19

sale19***

0.162840

0.055410

2.94

0.0030

689.65

sale20***

0.305420

0.055740

5.48

0.0000

1,392.95

sale21***

0.257810

0.047080

5.48

0.0000

1,146.87

sale22***

0.321280

0.046780

6.87

0.0000

1,477.56

sale23***

0.202470

0.046370

4.37

0.0000

875.18

sale24***

0.184600

0.046570

3.96

0.0000

790.61

sale26***

0.160090

0.042750

3.75

0.0000

677.05

sale28*

0.108910

0.056110

1.94

0.0520

448.70

sale29

0.045880

0.044600

1.03

0.3040

183.09

sale30

20.021650

0.053200

20.41

0.6840

283.52

sale34**

20.099870

0.045830

22.18

0.0290

2370.64

sale36***

20.352000

0.055990

26.29

0.0000

21,157.11

sale37***

0.140290

0.047200

2.97

0.0030

587.32

sale38*

20.215630

0.120400

21.79

0.0730

2756.41

sale39***

20.598000

0.118800

25.03

0.0000

21,755.20

sale41***

20.394050

0.046030

28.56

0.0000

21,270.05

sale42***

20.349330

0.044880

27.78

0.0000

21,149.78

sale43***

0.263350

0.060250

4.37

0.0000

1,174.90

sale44***

20.145100

0.036420

23.98

0.0000

2526.71

sale46

0.046980

0.059790

0.79

0.4320

187.58

sale48

0.018100

0.045950

0.39

0.6940

71.23

sale49

20.037320

0.062010

20.60

0.5470

2142.85

sale51***

20.487100

0.116500

24.18

0.0000

21,503.69

sale52***

0.366290

0.069070

5.30

0.0000

1,725.11

sale53

0.079720

0.049260

1.62

0.1060

323.61

sale54**

20.154150

0.073800

22.09

0.0370

2557.09

sale55

0.043340

0.049880

0.87

0.3850

172.73

sale58***

0.219500

0.046120

4.76

0.0000

957.19

sale59***

20.196740

0.049820

23.95

0.0000

2696.47

sale60***

0.256410

0.046410

5.53

0.0000

1,139.81

R2

0.6363

Observations

4,151

*** Denotes significance at the 0.01 level.

** Denotes significance at the 0.05 level.

* Denotes significance at the 0.10 level.



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