Football Fans' Emotions: Uncertainty Against Brand Perception.

Football is an industry driven by emotions. Fans experience many different emotions related to their teams. This paper aims to inspect how emotions impact attendance at football matches, examining whether football fans prefer to watch highly competitive matches or matches between good teams with star-players. The paper also considers behavioral and emotional differences of match spectators when brand-teams play away or at home. Importantly, we are also looking for the effects that the expectations of these emotions have on the tickets' price mechanism. We use data from three seasons of the Brazilian State championship with information on more than 1,100 matches. The OLS estimator with the moderation marginal effects allows for analysis of a brand-team playing with different levels of uncertainty over the outcomes measured by the relative level of the divisions of rivals. We look for the difference between the marginal contribution of the brand-team and the uncertainty of outcomes that might change under some conditions. The analysis is performed later using two subsamples and, finally, we address the problem of endogeneity in price using an instrumental variable. From our results, the main findings are: first, that the price of tickets does not much affect the demand when a brand-team is playing. In case of competitive matches between non-brand-teams, price behavior correlates to the rationality of the demand curve having a negative impact. The fact that price is not relevant for matches with the brand-team comes to corroborate the idea that fans are driven more by emotions than by economic reasoning; second, the phenomena of highly competitive matches does not work when a brand-team is playing against a small one; and third, the effect of a brand-team playing is relatively more important than the uncertainty of outcome. The last two findings mean that the satisfaction of watching star-players or big-teams is stronger than the emotion brought by a competitive match.