Skip to main content

Analytics Brief 2019-02

June 28, 2019 - -
race horse with data analytics graphics overlay

A Summary of the Senior Capstone Research Projects from the Spring 2019 Semester

Steven S. Vickner, PhD,

Associate Professor

June 26, 2019

During my Spring 2019 senior capstone course, students completed a wide array of applied research projects. Seven students used Microsoft Excel and multiple regression analysis to estimate hedonic pricing models of Thoroughbred yearlings, Thoroughbred broodmares, and American Saddlebreds using data from Keeneland, Fasig-Tipton, and the Robertson Equine Sale. Three students used IMPLAN and input-output analysis to estimate the economic impact of the construction of a new harness racetrack in Kentucky (Oak Grove), the largest horse show in the United States, and animal health/biosecurity policy initiatives. In addition to their rigorous economic modeling analyses, each student had to write a research paper and make a presentation. The students had to further summarize their work in the form of a research poster and brief poster presentation recorded on YouTube. Links to those summaries are provided here.

Ms. Olivia DeNoto and Ms. Landin Johnston – the first two projects listed – won the two prestigious awards within the Equine Industry Program for their exemplary scholarship.

Future of Thoroughbred Racing Outstanding Senior Project 2019 Award recipient

Olivia DeNoto: Hedonic Pricing in the Thoroughbred Market

Robert G. Lawrence Outstanding Senior in Equine Business 2019 Award recipient

Landin Johnston: Hedonic Price Analysis of American Saddlebred Characteristics

Madeline Autrey: A Regression Analysis of Thoroughbred Yearlings

Kailyn Boggs: An Economic Impact on the Biosecurity of Thoroughbred Foals

Shelby Bowman: Hedonic Price Analysis of Thoroughbred Yearlings

Catherine Brown: Hedonic Pricing in Thoroughbreds Sold at the 2019 Keeneland Horses of All Ages Sale

Anna Hennis: What Drives the Price of a Thoroughbred Broodmare

Kaylee Markonich: Economic Impact Analysis of the Scottsdale Arabian Horse Show

Brianna Vitt: Hedonic Price Analysis of Two-Year-Old Thoroughbreds in Training

Patrick Wilbourn: Economic Impact of the Oak Grove Harness Racetrack

Dr. Steven S. Vickner is an economist and associate professor in the Equine Industry Program, College of Business, University of Louisville. He earned both his MS and PhD in agricultural and resource economics from Colorado State University, an MBA in management from the University of Denver and a bachelor’s degree in economics from Bowling Green State University. His research focuses on the role of information and technology on economic decision-making, and he has done years of extensive work studying yearling Thoroughbred prices. He teaches Equine Economics, Equine Marketing, and the senior capstone research project course in the EIP, as well as Data Analytics II in the new MS in Business Analytics Program. For more information, contact Vickner at (502) 852-4888 or

The Equine Industry Program at UofL is the only AACSB-accredited undergraduate business degree in the world with an equine focus. Graduates can be found in all aspects of the industry, from training to broadcasting to financial analysis.

The Analytics Brief series is published by the Equine Industry Program, College of Business, University of Louisville as a part of its ongoing research program and is intended to address contemporary economic, business, and legal/regulatory topics in the broadly defined equine industry, including but not limited to, pari-mutuel horse racing, wagering, gaming, auctions, breeding, other equestrian sports, equine-related tourism, and all relevant supply chains.