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Who Is The Best Formula 1 Driver? An Economic Approach to Evaluating Talent

Author

Listed:
  • Reiner Eichenberger

    (Department of Economics, University Freiburg, CH-1700 Fribourg, Switzerland)

  • David Stadelmann

    (Department of Economics, University Freiburg, CH-1700 Fribourg, Switzerland)

Abstract

Who 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.

Suggested Citation

  • Reiner Eichenberger & David Stadelmann, 2009. "Who Is The Best Formula 1 Driver? An Economic Approach to Evaluating Talent," Economic Analysis and Policy, Elsevier, vol. 39(3), pages 389-406, December.
    • Handle: RePEc:eee:ecanpo:v39:y:2009:i:3:p:389-406
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    Citations

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    Cited by:

    1. Duane W. Rockerbie & Stephen T. Easton, 2022. "Race to the podium: separating and conjoining the car and driver in F1 racing," Applied Economics, Taylor & Francis Journals, vol. 54(54), pages 6272-6285, November.
    2. van Kesteren Erik-Jan & Bergkamp Tom, 2023. "Bayesian analysis of Formula One race results: disentangling driver skill and constructor advantage," Journal of Quantitative Analysis in Sports, De Gruyter, vol. 19(4), pages 273-293, December.
    3. Aldo Enrietti & Aldo Geuna & Consuelo R Nava & Pier Paolo Patrucco, 2022. "The birth and development of the Italian automotive industry (1894–2015) and the Turin car cluster [Istruzione tecnica e professionale e progresso industriale dalla fine dell’Ottocento al fascismo]," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 31(1), pages 161-185.
    4. Bell Andrew & Smith James & Sabel Clive E. & Jones Kelvyn, 2016. "Formula for success: Multilevel modelling of Formula One Driver and Constructor performance, 1950–2014," Journal of Quantitative Analysis in Sports, De Gruyter, vol. 12(2), pages 99-112, June.
    5. Onur Burak Celik, 2020. "Survival of Formula One Drivers," Social Science Quarterly, Southwestern Social Science Association, vol. 101(4), pages 1271-1281, July.
    6. Phillips Andrew J. K., 2014. "Uncovering Formula One driver performances from 1950 to 2013 by adjusting for team and competition effects," Journal of Quantitative Analysis in Sports, De Gruyter, vol. 10(2), pages 1-18, June.
    7. Michael A. Lapré & Candace Cravey, 2022. "When Success Is Rare and Competitive: Learning from Others’ Success and My Failure at the Speed of Formula One," Management Science, INFORMS, vol. 68(12), pages 8741-8756, December.
    8. Mourao, Paulo Reis, 2018. "Surviving in the shadows—An economic and empirical discussion about the survival of the non-winning F1 drivers," Economic Analysis and Policy, Elsevier, vol. 59(C), pages 54-68.

    More about this item

    Keywords

    Sports Economics; Evaluating Talent; Superstars; Formula 1 Racing;
    All these keywords.

    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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