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Measuring competitive balance in Formula One racing

In: Outcome Uncertainty in Sporting Events

Author

Listed:
  • Oliver Budzinski
  • Arne Feddersen

Abstract

The Formula One World Championship (F1) is one of the biggest sports businesses in the world. However, it seems astonishing that only very few scholarly articles analyse the F1 business. The aim of this chapter is to contribute to closing two gaps in the existing literature, by contributing (1) to the (sports) economic analysis of the F1 business and (2) to the literature on competitive balance in non-team sports. Similar to competitive balance in team sport leagues, three dimensions can be distinguished in F1 racing: (1) race-specific competitive balance, (2) within-season competitive balance and (3) between-season competitive balance. In addition to classical tools and data, some new and F1-specific indicators, such as average lead changes or leading distance, are employed. Also, pitfalls induced especially by the used data source or calculation method are highlighted.

Suggested Citation

  • Oliver Budzinski & Arne Feddersen, 2020. "Measuring competitive balance in Formula One racing," Chapters, in: Plácido Rodríguez & Stefan Kesenne & Brad R. Humphreys (ed.), Outcome Uncertainty in Sporting Events, chapter 1, pages 5-26, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:19526_1
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    Keywords

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    JEL classification:

    • Z20 - Other Special Topics - - Sports Economics - - - General
    • Z21 - Other Special Topics - - Sports Economics - - - Industry Studies
    • L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism
    • C01 - Mathematical and Quantitative Methods - - General - - - Econometrics
    • L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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