A horse race refers to a close form of competition. It is common in sports and politics. In business, a horse race is a process for choosing the next leader of a company. Companies employing a horse race method often have a succession plan for executive positions that includes grooming future leaders in a series of critical jobs so they have the skills and experience necessary to lead the company successfully. The strategy also helps to prevent the disruption of a company’s momentum when an unsuccessful candidate is pushed aside and replaced by another.

When it comes to the presidential horse race, Romney is leading with a slight margin in most polls, but he is far behind the Democratic nominee, Obama. Despite the mudslinging, name calling and attack ads, there are real policy issues at stake. But a growing body of research suggests that when journalists covering elections focus on who is winning and losing — or what is known as horse race coverage — voters, candidates and the news industry itself suffer.

With so many horses in the running for the White House, it is easy to get distracted by all the hysterical rhetoric and horse-race theatrics. But, with the right amount of context, it is possible to see the real story behind the numbers.

The first thing to understand about the horse race is that there are material costs associated with running the race. In addition to the obvious risk of injury, Thoroughbred racehorses must be bred to run, trained to race and rehabilitated after the race. There are also administrative and financial costs associated with racing. For example, a race may require that each entry carry a specific weight based on age, sex and/or past performance. This weighting system allows each runner to compete with other runners that are similarly suited to the task at hand.

Another cost of the horse race is that most races are padded. This is done to create a more exciting spectacle for the fans, but it also serves as a cushion for the runners. In many cases, the extra padding can mask serious injuries such as a fractured bone or a severe cut. And, in extreme cases, the extra padding can even cause a horse to die.

In an effort to reduce the number of dead horses, a technique called “bleeding” has become increasingly common in the sport. In a bleeder, a horse is forced to run faster and farther than it is capable of comfortably enduring, thus making the horse suffer from a condition known as exercise-induced pulmonary hemorrhage. To counter this, most horses are given cocktails of legal and illegal drugs that act as both a pain reliever and a performance enhancer. As a result, many horses are pushed to the limit physically and mentally, sometimes to the point of collapse, as the example of Big Brown attests. Ultimately, this type of racing is not good for the horses and it is not in the best interest of the public to keep it going.