The election of a world champion
This paper examines the mechanisms by which a World Champion is chosen in the For-mula One Championship. Furthermore it is analysed whether there is a best method to do this. For this purpose we will discuss the methods used by the Fédération Internationale de l'Automobile (FIA) since the founding of the World Championship in 1950. We show how the election of a method affects the Formula One contest. We then give insight whether there is a best method to select a World Champion or not. We therefore discuss Arrow's Impossible Theorem with respect to this sports contest. Moreover we simulated several seasons and compared different scoring vectors with respect to indicators that might be important for viewer's demand.
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- Mastromarco, Camilla & Runkel, Marco, 2004.
"Rule Changes and Competitive Balance in Formula One Motor Racing,"
Discussion Papers in Economics
386, University of Munich, Department of Economics.
- Camilla Mastromarco & Marco Runkel, 2009. "Rule changes and competitive balance in Formula One motor racing," Applied Economics, Taylor & Francis Journals, vol. 41(23), pages 3003-3014.
- David Stadelmann & Reiner Eichenberger, 2008. "Wer ist der beste Formel 1 Fahrer? Eine Ã¶konometrische Talentbewertung," CREMA Working Paper Series 2008-16, Center for Research in Economics, Management and the Arts (CREMA).
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