Who Is The Best Formula 1 Driver? An Economic Approach to Evaluating Talent
AbstractWho is the best formula 1 driver? Until today it was impossible to answer this question because the observable performance of a driver depends both on his talent and the quality of his cars. In this paper, we for the first time separate driver talent from car quality by econometrically analyzing data covering 57 years of Formula 1 racing. Our estimates also control for the number of drivers finishing, technical breakdowns and many other variables that influence race results. While Michael Schumacher is often believed to be the best driver, he is overtaken by Juan Manuel Fangio and Jim Clark.
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Bibliographic InfoArticle provided by Queensland University of Technology (QUT), School of Economics and Finance in its journal Economic Analysis and Policy (EAP).
Volume (Year): 39 (2009)
Issue (Month): 3 (December)
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Postal: GPO Box 2434, BRISBANE QLD 4001
Web page: http://www.journals.elsevier.com/economic-analysis-and-policy/
More information through EDIRC
Sports Economics; Evaluating Talent; Superstars; Formula 1 Racing;
Find related papers by JEL classification:
- L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism
- L80 - Industrial Organization - - Industry Studies: Services - - - General
- Z00 - Other Special Topics - - General - - - General
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- Lawrence M. Kahn, 2000. "The Sports Business as a Labor Market Laboratory," Journal of Economic Perspectives, American Economic Association, vol. 14(3), pages 75-94, Summer.
- Benno Torgler & Sascha L. Schmidt & Bruno S. Frey, 2008.
"The Power of Positional Concerns,"
CREMA Working Paper Series
2008-07, Center for Research in Economics, Management and the Arts (CREMA).
- Rosen, Sherwin, 1981. "The Economics of Superstars," American Economic Review, American Economic Association, vol. 71(5), pages 845-58, December.
- Stefan Szymanski, 2003. "The Economic Design of Sporting Contests," Journal of Economic Literature, American Economic Association, vol. 41(4), pages 1137-1187, December.
- James G. Lynch & Jeffrey S. Zax, 2000. "The Rewards to Running," Journal of Sports Economics, , vol. 1(4), pages 323-340, November.
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