Do economic impact assessments of motorsport events overlook a human capital cost from changes in spectators’ driving behaviour? An investigation into the Australian Formula One Grand Prix

Jack Doughty
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Jack Doughty: Monash University

Warwick-Monash Economics Student Papers from Warwick Monash Economics Student Papers

Abstract: This research project intends to further contribute to academic literature surrounding the relationship between motorsport events and spectators’ driving behaviour. Namely, it attempts to determine if there is a quantifiable human capital cost to Victoria’s economy from greater motor vehicle crashes (MVCs) over the course of the Australian Formula One Grand Prix event. In examining VicRoads traffic incident data from 2006 to 2019, this analysis finds statistically significant evidence to suggest there is on average +7.05 to +13.01 more highspeed MVCs in Victoria throughout the Australian Formula One Grand Prix event. In attempting to improve the accuracy of economic impact assessment methodology, this translates to a previously ignored expected human capital cost to Victoria’s economy when a Formula One event is hosted of $1,326,450.52 to $2,447,818.62. In response, this research project contends that economic impact assessments for motorsport events must include a calculation of the human capital cost from a change in spectators’ driving behaviour.

Keywords: Economic impact assessment; motorsport; human capital cost JEL Classification: Z20 (search for similar items in EconPapers)
Date: 2022
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