Towards a New Dynamic Measure of Competitive Balance: A Study Applied to Australia’s Two Major Professional ‘Football’ Leagues**Earlier versions of this paper were presented at: (i) the Staff Developmental Workshop, Department of Economics and Finance, La Trobe University, 28 September 2006; (ii) the Seminar Series, Centre for Operations Research and Applied Statistics, Salford University, UK, 11 October 2006; (iii) the Seminar Series, Department of Economics, BI Norwegian School of Management, Norway, 30 May 2007; and (iv) the Australasian Meeting of the Econometrics Society, University of Queensland, Brisbane, 3-6 July 2007. The author would like to thank the various participants of the workshop, seminar and conference for their comments and suggestions, especially David Prentice and David Forrest, as well as Suzanne Sommer, Ishaq Bhatti and Andrew Raponi for some preliminary input.