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The Economics of Motorsports
Abstract
This book, the first study of its kind, examines the economics behind motorsports, in particular Formula One. Chapters discuss the costs involved in Formula racing and how they are borne by teams, promoters and racers. The book also looks at how society, the public and the private sectors stand to benefit economically from the motorsport industry. Other issues like the economics of TV rights, sponsorship and sustainability are also addressed, again for the first time in an economics book.
Moving beyond the economics of what happens off the track, the book also undertakes a serious examination of what goes in to making a winning team and what having a winning racer can do for a team’s fortunes. Mourão’s highly relevant and contemporary book also looks at how motorsport teams confront the challenges of the modern sporting world, including the changing dynamics of sports media and considers the future of Formula 1 as motorsports evolve.
... None of these papers study learning curves in F1. One notable exception is the work of Mourão (2017), who found that own prior success increases the probability of winning a race. However, Mourão (2017) did not study learning from teammates' success, own failures, or teammates' failures. ...
... In F1, we find that win probability follows an inverted U-shaped function of racing experience. Mourão (2017) found that a win in the previous F1 race, as well as prior podiums on the same track, increased win probability. We find that F1 drivers learn from all prior wins (on all tracks) to increase win probability. ...
... For example, while leading a race in the closing stages of a race, drivers can draw from all prior win experiences such as the race tactics described by Lauda (1977). Furthermore, Mourão (2017) found that the percent of team podiums per start did not affect win probability. Percent of team podiums incorporates all drivers who have driven for the team, including all of the drivers in the past who did not overlap with the focal driver. ...
Organizations can learn from prior successes and failures to improve organizational performance. Few learning-curve studies have investigated this phenomenon at the individual level. A notable exception found that surgeons learn from their own success and others’ failure. Success in surgery is common and individually independent from other surgeries. We study learning from success and failure in a context where success is rare and competitive: Formula One (F1) racing. Only one driver will win a race, preventing the other competitors from winning. Even severe failures causing drivers to abandon the race are common. We investigate two types of abandonments: car failures and driver failures. Our data set covers F1 from the start of F1 in 1950 through 2017, yielding 21,487 driver-race observations. We find that win probability follows an inverted U-shaped function of racing experience. We also find that drivers learn from their own success, teammates’ success, as well as own car failures. However, drivers do not learn from their own driver failures. A teammate’s win increases the probability of winning the next race by 1.8%. An own car failure increases the probability of winning the next race by 1.9%. We use two characteristics of success, frequency and competitiveness, to define a spectrum of organizational settings. Placement of our F1 findings and the surgery findings on this spectrum reveals when managers can expect benefits from their own versus others’ success and failure.
This paper was accepted by Charles Corbett, operations management.
... F1 is an interesting case because of its commercial appeal (Mourâo, 2017) and large international consumer interest. The concept of a grand prix race dates back to 1894, 1 with F1 adopting its current format as a world championship series in 1950 with races being run in seven different countries: Britain, Monaco, the United States, Switzerland, France, Belgium and Italy (Jenkins, Pasternak, & West, 2016). ...
... 4 Figures such as these, indicating great economic stimulus, have often prompted public authorities to subsidize F1. As pointed out by the international financial magazine Forbes, all current F1 races except the British Grand Prix receive substantial public funding (Jenkins et al., 2016;Mourâo, 2017). 5 For example, the establishment of the Yas Marina F1 circuit in Abu Dhabi, United Arab Emirates (UAE), in 2009 was part of a deliberate effort to turn the city into a global sport and major events destination (Oxford Business Group, 2016). ...
... However, and as mentioned in the introduction, hosting events such as the Olympics, the World Cup and European Football Championship usually demand the use of taxpayers' money to yield the benefits they promise (Baade & Matheson, 2000). Public funds are therefore often used to construct facilities and other infrastructure, or simply to acquire the hosting rights to these events (Mourâo, 2017). As this public spending is often substantial (Flyvbjerg & Stewart, 2016), and public budgets are scarce by definition, scrutinizing the ambition of sport event legacies has become imperative to the point of being a public concern (Crompton, 1995). ...
The tangible effects of hosting major sporting events have been thoroughly examined in recent years. The consensus among scholars is that the effects on tourism, inbound foreign investments and gross domestic product (GDP) from hosting, for example, the Olympic Games or the football World Cup are absent. Further, only a few studies have been conducted on one of the most commercially successful (major) sporting events: Formula 1 motor racing. This paper applies regression models to test the effects on GDP, employment and tourism in European regions that have hosted Formula 1 grand prix from 1991 to 2017. The output from the models suggests that hosting Formula 1 races does not produce positive effects.
... This issue could apply to F1, as teams' struggles to keep up with innovation might contribute to the decline in competitive balance over time (Budzinski & Feddersen, 2020). Given the potentially positive relationship between F1 audiences and outcome uncertainty, this could help explain the decrease in TV audiences (Mourão, 2017;Sylt, 2018). However, it is important to recognize the complexity of the relationship between outcome uncertainty and F1 spectatorship/attendance. ...
... As promessas desses governantes podem ser facilmente contestadas e criticadas, alegando-se que tais recursos poderiam ser melhor aplicados se fossem utilizados para outras finalidades, tais como investimento em saúde ou educação (Fairley et al., 2011). E ainda, tais promessas não representam a opinião pública daquela comunidade, a qual, em muitos casos, nem ao menos é consultada (Mourão, 2017). Conforme apontam Coakley & Souza (2013), normalmente os maiores beneficiários de megaeventos esportivos são aqueles estrategicamente bem informados e posicionados para tirar vantagens destes eventos (ex. ...
Objetivo: Explorar quais foram os impactos gerados pelo GP Brasil de Fórmula 1 para a cidade de São Paulo no período de 2015 a 2019.Metodologia/abordagem: Qualitativa e exploratória. Analisamos documentos como relatórios publicados pela Prefeitura de São Paulo e pela empresa promotora do evento, bem como informações divulgadas em veículos de comunicação. Também conduzimos entrevistas com os seguintes interlocutores: a vice-prefeita da cidade de São Paulo na época e o diretor da empresa municipal responsável pela gestão do Autódromo de Interlagos, a CEO da empresa promotora e organizadora do evento no Brasil, um jornalista esportivo e um morador do bairro de Interlagos, região onde se localiza o Autódromo.Originalidade/Relevância: Os Grande Prêmios de Fórmula 1 são utilizados por governantes como instrumentos de desenvolvimento e de promoção da imagem de suas sedes em nível internacional. Entretanto, ainda são incipientes os estudos acadêmicos sobre os impactos deste tipo de megaevento para suas cidades sedes.Principais resultados: O GP Brasil gerou os seguintes impactos para a cidade: econômicos (recursos públicos investidos, geração de empregos temporários, melhora na venda de alguns serviços como hospedagem e alimentação e oportunidades para negócios entre empresas), físicos (modificações na estrutura de trânsito e manutenção de vias de acesso ao Autódromo) e socioculturais (sensação de orgulho dos moradores e aumento de insegurança na região do Autódromo).Contribuições teóricas/metodológicas: Os resultados desta pesquisa sugerem que a realização de megaeventos pode ter impactos positivos quando ocorrem na mesma cidade ao longo dos anos, pois geram a possibilidade de reutilizar recursos pré-existentes e desenvolver conhecimentos e habilidades por parte de governantes e seus organizadores.
Nowadays, driving simulation devices represent a continuously evolving and developing area in the world of virtual reality. One of the fundamental elements in the design of driving software is the track model. This work aims to study the use of advanced technologies for the three-dimensional modeling of a racing track in a driving simulator. Specifically, it employs the LiDAR methodology to acquire the three-dimensional coordinates of a 1 km long circuit located on the Fisciano campus of the University of Salerno. The purpose of this work is to explain and present a novel track acquisition and modeling methodology within the realm of simulated driving reality. Following the study, the Virtual Reality Laboratory’s driving simulator at the Department of Industrial Engineering conducted tests to validate the proposed circuit model. The test rides analyzed the realism of the driving experience, thereby validating the proposed track model. This phase was complemented by a series of proposals for possible future developments in the field of three-dimensional modeling applied to driving simulation and beyond. In the end, the 3D model obtained demonstrated the high definition of the acquired result and the speed with which multiple data were obtained simultaneously, thanks to the laser scanner used.
This paper analyzes the impact of budget strategy on Formula One team success in the World Constructors Championship using data from 11 seasons (2010–2020) before the budget cap. It demonstrates that budget strategy positively affects standings, points, podium finishes, and race completion. The motivation to achieve better results is explained through success‐related returns. Cost–benefit analysis and regression models were employed, revealing a significant influence of budget strategy on team success. Investing in research and development emerges as the most effective approach to enhance the success rate.
Formula 1 is among the most environmentally destructive practices today, not least as a sign of the legitimacy of an unsustainable car culture. It also indexes the power of a lapsed, amateur hegemonic masculinity and its technocratic equivalent today. The greenwashing done by and for the industry must be systematically unmasked and criticized.KeywordsFormula 1EnvironmentMonopoly capitalHegemonic masculinityGreenwashing
Objectives
To examine the determinants of the duration time of drivers in the Formula One (F1) competition, which is an industry with high physical capital investment and requires labor with very high human capital.
Methods
Since estimates may be biased when the whole F1 history, starting with the 1950 season, is considered, unlike prior studies in the literature, this article limits its data set to racing seasons from 1981 to 2017. In addition, since the failure times are correlated within the drivers with multiple spells, single‐spell methods used in prior studies underestimate true standard errors and produce inflated test statistics. Hence, the most appropriate approach for the duration analysis of F1 drivers would be the survival analysis for recurrent events, which is employed in this study.
Results
Once a driver exits F1, he survives for a shorter period of time if he returns. In order to survive longer, a driver has to perform better than his teammate. Each year of age decreases the probability of exit while drivers can increase their duration time in F1 by switching teams. Completing a race does not make any difference to survival but finishing a race on the podium lowers the probability of exit.
Conclusion
Team owners and managers should be cautious when they consider hiring a driver who exited F1 before. A driver should be at least better than his teammate in order to survive in F1. Drivers can also increase their chances of survival substantially by changing teams.
Despite the critical role of regulations on competition and innovation, little is known about firm responses and related effects on performance under regulatory contingencies that are permissive or restrictive. By longitudinally investigating hybrid cars competing in the Le Mans Prototype racing (LMP1), we counter-intuitively suggest that permissive regulations increase technological uncertainty and thus decrease the firms’ likelihood of shifting their technological trajectory, while restrictive regulations lead to the opposite outcome. Further, we suggest that permissive regulations favour firms that innovate their products by sequentially upgrading core and peripheral subsystems, while restrictive regulations—in the long term— favour firms upgrading them simultaneously. Implications for theory and practice are discussed.
This paper studies the exchange of information between two principals who contract sequentially with the same agent, as in the case of a buyer who purchases from multiple sellers. We show that when (a) the upstream principal is not personally interested in the downstream level of trade, (b) the agent’s valuations are positively correlated, and (c) preferences in the downstream relationship are separable, then it is optimal for the upstream principal to offer the agent full privacy. On the contrary, when any of these conditions is violated, there exist preferences for which disclosure is strictly optimal, even if the downstream principal does not pay for the information. We also examine the effects of disclosure on welfare and show that it does not necessarily reduce the agent’s surplus in the two relationships and in some cases may even yield a Pareto improvement.
In this work, we intend to evaluate the triangular sustainability of not-for-profit organizations, putting a special emphasis on the study of economies of scale. After a collection of raw data from the historical archives of the institution (a ‘Santa Casa da Misericordia de Barcelos’), we constructed a panel database. Using this database, we estimated cobb-douglas costs functions, by applying fixed and random effects. We found that Portuguese institutions as the one here studied (belonging to the Portuguese Social Economy and as a representative of the Holy Houses of Mercy) exhibit economies of scale, which ask for a renewed perspective of the sector by the regulating entities.
This study presents an analysis of the evolution of advertising's portrayal of women in motorsport. The construct of source credibility is examined and used as a framework to better understand the limitations and opportunities of female athlete endorsers in general and female racing car drivers in particular. The advertising images of pioneer drivers Janet Guthrie, Lyn St. James and Sarah Fisher are discussed and compared to that of Danica Patrick, a media star in the Indy Racing League (IRL). Patrick has been successful in capitalising on her expertise and attractiveness to enhance her image and endorse products. Attitudes towards using sex appeal to sell products are presented and discussed.
The issue of Competitive Balance is a central issue in the literature on the economics of professional sports. The basic idea is that the managers of professional sports leagues must maintain a certain level of competitive balance in their league if they want it to remain attractive (Rottenberg (1956), El Hodiri & Quirk (1971), Fort & Quirk (1995), Vrooman (1995), Kesenne (2000), ...). An important part of literature is also devoted to the mechanisms to restore a satisfactory level of competitive balance: salary caps, luxury taxes, draft rules, gate revenue sharing... Although some authors challenge the idea that a decrease in competitive balance necessarily leads to a weakening of fan interest (Szymanski (2001)), all agree on the need to measure adequately the balance. As mentioned by Zymbalist (2002), the most commonly used index is the standard deviation of win percentage. But other indexes can be used as the ratio of the actual to the idealized standard deviation of win percentages, the Gini coefficient of win percentages, the Hirshman-Herfindahl index of competitive balance, the Concentration Ratio, the ratio of the top to bottom win percentages, the index of dissimilarity...
This paper deals with deterministic dynamic pricing and advertising differential games which are stylized models of special durable-good oligopoly markets. We analyze infinite horizon models with constant price and advertising elasticities of demand in the cases of symmetric and asymmetric firms. In particular, we consider general saturation/adoption effects. These effects are modeled as transformations of the sum of the cumulative sales of all competing firms. We specify a necessary and sufficient condition such that a unique Markovian Nash equilibrium for such games exist. For two classes of models we derive solution formulas of the optimal policies and of the value functions, and we show how to compute the evolution of the cumulative sales of each firm. The analysis of these games reveals that the existence of the Nash equilibrium relies on the possibility to separate a component, which is specific for each firm, from a [market] component, which is the same for all firms. The common factor is a function of the decreasing untapped market size. The individual factor of each firm reflects its individual market power and has an impact on equilibrium prices; each such coefficient depends on the price elasticities, unit costs, arrival rates, and discount factors of all competing companies. Formulas for these coefficients reveal how equilibrium prices depend on the number of competing firms, and how the entry or exit of a firm affects the price structure of the oligopoly.
The level of income inequality in a European country influences the competitive balance of its major soccer leagues. We test this hypothesis using cointegration techniques for seven male professional soccer leagues (the Dutch, English, French, German, Italian, Spanish and Ukrainian soccer leagues) from the 1980/1981 season to the 2011/2012 season. Controlling for the level of income inequality using variables such as real GDP per capita, trade openness and the emigration rate, we conclude that income inequality (measured by the Gini index) causes changes in the measures of competitive balance that we employ (the Hirschman-Herfindahl index and the SD) concerning the final number of points scored by the various teams.
This article revisits Michel Chevalier’s work and discussions of tariffs. Chevalier shifted from Saint-Simonism to economic liberalism during his life in the 19th century. His influence was soon perceived in the political world and economic debates, mainly because of his discussion of tariffs as instruments of efficient transport policies. This work discusses Chevalier’s thoughts on tariffs by revisiting his masterpiece, Le Cours d’Économie Politique. Data Envelopment Analysis (DEA) was conducted to test Chevalier’s hypothesis on the inefficiency of French tariffs. This work showed that Chevalier’s claims on French tariffs are not validated by DEA.
This article analyses competitive balance in Formula 1 motor racing 1950-2010. It is shown that regulation change has had a significant positive impact on championship uncertainty but not on race uncertainty or long-term dominance. If television viewer suspense is positively related not only to championship uncertainty but also to absolute quality, then this suggests the purpose of such regulation change is to maximize television broadcasting revenues and gross sponsor exposure. A simple econometric model is employed to analyze competitive balance implications of the Resource Restriction Agreement, designed to restrict team expenditure following the global financial crisis.
In today's business environment, talent has become the potentially powerful source of competitive advantage. It is the fundamental building block to creating an organization which is capable of learning, innovating and changing, as well as executing new processes. It has been said that, talent management include the additional management processes and opportunities put in place for people in the organization that are considered to be talented. This paper intends to present a guide for racers to drive their companies by extending their success on the race tracks into business. This piece of work is based on the information gathered through in-depth interviews with three business owners that are also active racers. In the course of the interview, feedbacks regarding benchmarking through talent in motorsports and businesses were sought. The importance of talent management as seen through the prism of how top performers in motorsports have succeeded in driving their business while still producing impressive results on the race tracks was established in this study.
Tournament models have developed into an important component of the theoretical literature on organizational reward systems. However, with one exception there have been no empirical tests of the incentive effects of tournament models in a field setting. Drawing on a panel data set from auto racing, we show that the tournament spread (prize differential) does have incentive effects on both individual performance and driver safety, that these effects peak at higher spreads, and that controlling for the dollar value of the tournament spread, the prize distribution has little influence on individual performance.
This paper investigates welfare gains associated with trade induced adjustments within multi-product firms. To disentangle the welfare gains, I focus on two distinct channels: investments in i) product variety and ii) the degree of product differentiation. Trade integration enables firms to exploit economies of scale in innovation and induces more investments in product scope. To reduce cannibalization among varieties, multi-product firms have incentives to invest in the degree of differentiation. I show how variety loving consumers benefit from a wider and more diversified product range.
Today, identity is more than anything, economic. The technology used to create, utilize and protect identities is increasingly ill-matched to the economics and uses of identities. Identity theft is the misuse of private authenticating information to steal money. Protecting identity requires privacy. Proving identity requires exposing information. Together, these points illustrate that the near-term search for cheap identity management is a formula for long-term fraud resulting in ever-increasing identity theft.
The Economics of Identity Theft: Avoidance, Causes and Possible Cures, a professional book, discusses privacy as multi-dimensional, and then pulls forward the economics of privacy in the first few chapters. This book also includes identity-based signatures, spyware, and the placement of biometric security in an economically broken system, which results in a broken biometric system. The final chapters include systematic problems with practical individual strategies for preventing identity theft for any reader of any economic status. In conclusion, four startling previews of the future are written as scenarios.
The Economics of Identity Theft: Avoidance, Causes and Possible Cures is designed for a professional audience composed of practitioners and researchers. This book is also suitable as a secondary text for advanced-level students in computer science, economics and several other disciplines.
The work of Georg Simmel has a rather peculiar history of reception. Even during his life-time and to this day he has been the stranger in the academic community. Not only has he remained a stranger, in the sense that he still is not understood very well, he is also recognized as one of the founding fathers of sociology (with Weber and Durkheim). Simmel is primarily known as a sociologist — at least in the United States. However, he would not have referred to himself as a sociologist, he certainly thought he was a philosopher.
The automotive industry ranks among the most significant business phenomena of the 20th century and remains vitally important today, accounting for almost 11% of the GDP of North America, Europe and Japan and one in nine jobs. Although its products have had a fundamental impact on modern society in economic and social terms, the industry has found it hard to adjust to contemporary conditions and is thus no longer esteemed in capital markets. Riven with internal contradictions that inhibit reform, it now faces a stark choice between years of strife or radical change. Highlighting the challenges and opportunities that exist for managers, legislators, financial institutions and potential industry entrants, this book is a wake-up call for those who work in the automotive industry. Most of all, it gives us all cause to reflect on the value of mobility, today and tomorrow. Graeme Maxton is director of AutoPolis, a firm that specializes in the structures and dynamics of the world automotive industry and helps clients position themselves for profitable growth. He is responsible for its activities in Asia and since 1992, has been closely affiliated with the Economist Newspaper Group and chairs all of The Economist's automotive industry conferences throughout the world. He writes for Business China, Business Asia, and various other Group publications, as well as for numerous newspapers throughout Europe and Asia. He is also a television, radio, and press commentator on the industry. Maxton and Wormald were co-authors of Driving Over a Cliff? Business Lessons from the World's Car Industry (Addison Wesley, 1994), which was nominated for the Financial Times Best Book about Business Award. John Wormald is a director and co-founder of Autopolis. He has worked in and for the automotive industry for over 25 years. He advises vehicle manufacturers, component suppliers, distribution and service companies, and financial and government institutions, with a particular emphasis on the downstream distribution and service sectors of the industry. He regularly lectures about the industry, speaks at industry conferences, writes for automotive and general publications, and is quoted and interviewed in the media. He is a co-author of Driving Over a Cliff? © Graeme P. Maxton, John Wormald 2004 and Cambridge University Press, 2009.
Although it is not generally applauded, withdrawing from competition is sometimes the best available option. However, an individual withdrawal may generate external costs that affect people other than the withdrawing individual. As cycling finances increase worldwide, the losses that are incurred due to riders' withdrawals assume a rising importance. Therefore, we test the determinants for professional riders' withdrawals by using probit estimations on nine major races (Le Tour de France, La Vuelta, Il Giro, the Tour de Suisse, the Tour of Poland, the Tour de Picardie, Paris- Nice, Tirreno-Adriatico, and Critérium). Our results recognized that riders withdraw because of a combination of factors, such as individual circumstances (such as a rider's age or a dense body mass index), each race's orography and a low overall placement. These results indicate that teams that seek to minimize this source of losses have to manage riders' expectations, rightly choose the races in which to participate and optimize the team members' interactions with each other.
This article uses data from the 1996 Summer Olympic Games and the 2002 Olympic Winter Games to test the predictions of regional input-output models. Real changes associated with these events are insignificant. Nominal measures of demand overstate demand increases and factor price increases absorb the impact of real increases in demand. Nominal changes appear to be limited to hotel prices. Input-output models of a regional economy are often used to predict the impact of short-duration sporting events. Because 1-0 models assume constant factor prices and technical coefficients between sectors are calibrated from long-run steadystate relations in the regional economy, the predictions greatly overstate the true impact. Because the predictions of these models are increasingly used, to justify public subsidies, understanding these deficiencies is crucial.
This study examines the country image perceptions of industrial buyers from two different countries. Specifically, we investigate the perceptions of U.S. and Mexican industrial buyers with respect to manufacturing and design quality for seven countries (including their respective home countries). The results indicate that perceptions of foreignness differ depending on the country of the perceivers. In some countries, foreignness is a liability, yet in others it is a benefit. The results also reveal that national dissimilarity, as measured by culture distance, can accentuate or mitigate these affects depending on the country of the industrial buyers. Furthermore, the country's technology strongly influences perceptions of manufacturing and design quality.
Recently, Perron has carried out tests of the unit-root hypothesis against the alternative hypothesis of trend stationarity with a break in the trend occurring at the Great Crash of 1929 or at the 1973 oil-price shock. His analysis covers the Nelson-Plosser macroeconomic data series as well as a postwar quarterly real gross national product (GNP) series. His tests reject the unit-root null hypothesis for most of the series. This article takes issue with the assumption used by Perron that the Great Crash and the oil-price shock can be treated as exogenous events. A variation of Perron's test is considered in which the breakpoint is estimated rather than fixed. We argue that this test is more appropriate than Perron's because it circumvents the problem of data-mining. The asymptotic distribution of the estimated breakpoint test statistic is determined. The data series considered by Perron are reanalyzed using this test statistic. The empirical results make use of the asymptotics developed for the test statistic as well as extensive finite-sample corrections obtained by simulation. The effect on the empirical results of fat-tailed and temporally dependent innovations is investigated. In brief, by treating the breakpoint as endogenous, we find that there is less evidence against the unit-root hypothesis than Perron finds for many of the data series but stronger evidence against it for several of the series, including the Nelson-Plosser industrial-production, nominal-GNP, and real-GNP series.
Competitive balance is recognized as an important source of market efficiency, a fact found to be true of soccer markets, studied here. In this paper, we measure the competitive balance of the Portuguese Soccer League "Primeira Liga" using data compiled since the 1980/1981 season. Employing different measures of competitive balance, we test for trends in competitive balance using the most appropriate (considering that we are working with time series) techniques and explore how this trend had changed because of the existence of the Golden Generation of soccer players (e.g. Figo, Rui Costa, or João Vieira Pinto). We conclude that competitive balance in the Portuguese Soccer League does not exhibit a regular trend and that the Golden Generation contributed to more balanced seasons. This finding has several important implications, among them the need for Portuguese soccer leagues to increase competitive balance to ensure the sustainability of soccer wages, revenues and profits by putting special effort into the development of highly-skilled, young soccer players.
We constructed a (Microsoft Excel) Template for simulating the final tables of soccer leagues. In our Template, the user can insert different values for parameters that influence the soccer leagues (such as the importance of the sports history of each competing team, the influence of home advantages, or the relevance of the referees’ decisions). The user is also able to choose among different systems of points awarded for victory. Then, the Template produces an index for the competitive balance of the entire league. We tested several combinations of parameters and concluded that the most balanced leagues are characterized by rewarding victory with 2 points and draws with 1 point and when the influence of the teams’ history or budget is minimized.
There is considerable ambiguity about what makes an event a mega-event. Intervening in this debate, this paper develops a definition and classification scheme for mega-events. On the basis of a review of existing definitions, it proposes four constitutive dimensions of mega-events: visitor attractiveness, mediated reach, costs and transformative impact. The paper develops indicators for each dimension and maps onto these four dimensions a sample of the latest editions of nine large events (Expo, Summer and Winter Olympics, Football World Cup, European Football Championship, Asian Games, Commonwealth Games, Pan American Games, Universiade). From this, it develops a multi-dimensional, point-based classification scheme of large events according to size, distinguishing between major events, mega-events and the recently emerging class of giga-events. Concluding, it identifies the need for more systematic data on the size, costs and impacts of a broad range of large-scale events over time.
Can you imagine your organisation as a Ferrari or a McLaren, a Toyota or a Force India? Your management team as a pit crew? Your sales force as the race team and your marketing and research department as the design studio creating a Formula 1 car? Formula 1 has an estimated turnover of $4bn, employs 50,000 people in more than 30 countries and has a foothold in every major and developing economy. With performance as the central focus of every organization, Performance at the Limit uses the case of Formula 1 motorsport as an example of how business can achieve optimal performance in highly competitive environments where dealing with change effectively is paramount. This second edition builds on the success of the first and contains a wealth of new material, including many more interviews with Formula 1 drivers and other key executives active in the sport.
Cambridge Core - Strategic Management - Performance at the Limit - by Mark Jenkins
Social Economies of Fear and Desire contributes to the study of emotional life as bound to social life. It shows that emotional experience is structured by forms of felt in/capacity—emotional norms that emerge through the successes and failures of embodied beings in the exercise of autonomy, and that are acquired through emotional socialization. Economies of fear and desire are the social configurations within which particular kinds of urges to act can be placed, together with the danger and security signs that trigger their experience, the objects of fear and desire they designate, and the means in the exercise of power with which they become associated. Their study should aid in the understanding of contemporary forms of suffering and well-being.
Most lawsuits challenging a sports league's labor practices under Section 1 of the Sherman Act require the plaintiff to demonstrate "market power" within some relevant geographic market. 1 Courts historically have found sports leagues to exercise "market power" within a national market for premier player labor. 2 However, in the March 2002 case Fraser v. Major League Soccer, L.L.C., 3 the U.S. Court of Appeals for the First Circuit upheld a jury finding that America's twelve Major League Soccer teams compete in an international market for [hereinafter Edelman & Doyle, "Free Movement" Risks] (noting that under a Rule of Reason scrutiny, a plaintiff must show that a defendant sports league has market power and engages in practices yielding net anticompetitive effects and harm); Marc Edelman & C. Keith Harrison, Analyzing the WNBA's Mandatory Age/Education Policy from a Legal, Culture, and Ethical Perspective: Women, Men, and the Professional Sports Landscape, 3 NW. J. L. & SOC. POL'Y 1, 39, at 13 (2008) [hereinafter Edelman & Harrison, WNBA's Policy] (same). 2. See Edelman & Harrison, WNBA's Policy, supra note 1, 60, at 20 (2008). 3. 284 F.3d 47 (1st Cir. 2002).
As national interest in NASCAR grows, the field of sports economics is increasingly addressing various aspects of this sporting contest. The outcome of NASCAR races is of particular interest to fans and thus, models describing and predicting the outcome of NASCAR races are beginning to emerge. This paper builds a model predicting the outcome of NASCAR races using NASCAR data. The outcome is hypothesized to depend on a set of variables and looks in particular, at the importance of driver experience. The findings of this paper conclude that driver years of experience do in fact play a significant role in predicting the outcome of NASCAR races.