A Hedonic Analysis of Sheep and Goat Prices in a Changing Environment: The Role of Consumers and Implications for Management

This paper examines whether buyers of live lambs and goats in the Northeast region have systematic preferences for specific live product attributes (age, weight, market class, sales lot size, market location and timing of sale) and whether they pay significantly different prices for these attributes consistent with their preferences. Non-linear hedonic models are estimated using auction price and quality data for live lambs and goats in specific Northeast markets. The results indicate that both lamb and goat buyers have systematic preferences for specific weight, market class and timing of sale, and that these preferences are implicitly reflected in prices offered in traditional auction markets. Producers can capitalize on price differences based on these attributes by targeting specific weight and market class categories and by better timing production and marketing undertakings.