Date of Award

5-2024

Degree Type

Report

Degree Name

Master of Science (MS)

Department

Applied Economics

Committee Chair(s)

Ryan Feuz

Committee

Ryan Feuz

Committee

Ryan Larsen

Committee

Dillon Feuz

Abstract

Hedonic price theory posits that the price of a product is influenced by the values consumers assign to its individual attributes. Hay is a versatile commodity with variation across several attributes helping to cater to diverse needs of consumers. A detailed analysis using hedonic regression techniques within hay pricing can help producers, stakeholders, and educators more fully understand the marginal values consumers place on diverse hay attributes. Previous studies focused on limited scopes within the hay industry or other sectors, allowing room for broader investigation. This study examines qualitative attributes impacting hay pricing, revealing significant influences from factors like location, seed type, and quality. Notably, California and Texas are found to command higher marginal prices relative to other western states, while certain hay varieties and smaller bale sizes are also identified as having higher comparative marginal value on average. Identification of the average marginal values of individual hay attributes offers valuable insights into the dynamic hay industry.

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