Taylor Wallace
Micro Economics
Second Draft
The Economics of Horseback Riding When you watch a equestrian sport such as the Kentucky Derby or The National Dressage competitions, the first thing that you notice is not usually the economics that are driving these competitions. However, economics has a huge role to play in the sport. As we have learned, Economics is the basis of everything we do and the driving force behind the choices that we as a community make. Competitive horseback riding has many examples of micro economic concepts. The choices that one makes in the equestrian community has direct influence over the decisions that someone else might make. Thinking on that, I wanted to explore the economic principles that make up the sport of horseback riding and specifically why specialization is a significant factor in the decisions that equestrians make, how their preferences are formed, trade-offs, and the opportunity costs that should be considered when joining this sport. An equestrian has many choices to make when they join the sport, what style of riding will you use? Which type of saddle will you use? Which events will you participate in? It is unlikely that someone can jump on the back of a horse and instantly know which events will be the most beneficial for them. In economics, preferences are the driving force behind the choices that we make, and therefore is the driving force behind economics as a whole. In horseback riding, these preferences are what makes each event unique. The breed of horse that you have, the style of riding that you use, and even your fears will lead you to choose a certain path. Once these preferences are made, one can then specialize in that preference. Horseback riding, unlike many sports, has a wide variety of people and an even wider selection of events, and styles that need to be taken into consideration. For example, within the style of English riding, there are many different events that one could enter. Such as Steeplechase, dressage, hunter or jumper, show jumping, and many more. With so many different choices within just one of the styles of riding, it is necessary to specialize in only a few. (In economics, Specialization is the process of choosing one area to focus on in order to increase productivity, and to produce a greater product). This definition can be used in horseback riding as well, as it is important that in the competitive nature of horseback riding that the equestrian does not try to stretch his/herself self too far. Horses are very time consuming and therefore taking the time to compete in several fields will take away from the final product. While it might be beneficial to have experience in more than one field, precision might become sloppy and the chances of winning your section will drastically reduce. However, if you were to choose one or two events to master, then the final product will be much greater and the chances of winning that event will increase. Horseback riding has impacted me personally and brought a few economic concepts to mind. When I began riding in competitions I had to make the choice whether to get a job or to continue competing.