Faster identification of faster Formula 1 drivers via time-rank duality
- Resource Type
- Working Paper
- Authors
- Fry, John; Brighton, Tom; Fanzon, Silvio
- Source
- Economics Letters, 237, 111671, 2024
- Subject
- Statistics - Applications
Mathematics - Probability
62P25, 91-10, 62M99, 65C05
- Language
Two natural ways of modelling Formula 1 race outcomes are a probabilistic approach, based on the exponential distribution, and econometric modelling of the ranks. Both approaches lead to exactly soluble race-winning probabilities. Equating race-winning probabilities leads to a set of equivalent parametrisations. This time-rank duality is attractive theoretically and leads to quicker ways of dis-entangling driver and car level effects.
Comment: 9 pages