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Faster identification of faster Formula 1 drivers via time-rank duality

Author

Listed:
  • Fry, John
  • Brighton, Tom
  • Fanzon, Silvio

Abstract

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.

Suggested Citation

  • Fry, John & Brighton, Tom & Fanzon, Silvio, 2024. "Faster identification of faster Formula 1 drivers via time-rank duality," Economics Letters, Elsevier, vol. 237(C).
    • Handle: RePEc:eee:ecolet:v:237:y:2024:i:c:s016517652400154x
    DOI: 10.1016/j.econlet.2024.111671
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    References listed on IDEAS

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    1. Reiner Eichenberger & David Stadelmann, 2009. "Who Is The Best Formula 1 Driver? An Economic Approach to Evaluating Talent," Economic Analysis and Policy, Elsevier, vol. 39(3), pages 389-406, December.
    2. Scarf, Phil & Parma, Rishikesh & McHale, Ian, 2019. "On outcome uncertainty and scoring rates in sport: The case of international rugby union," European Journal of Operational Research, Elsevier, vol. 273(2), pages 721-730.
    3. Singh, Aaditya & Scarf, Phil & Baker, Rose, 2023. "A unified theory for bivariate scores in possessive ball-sports: The case of handball," European Journal of Operational Research, Elsevier, vol. 304(3), pages 1099-1112.
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    More about this item

    Keywords

    Exponential distribution; Formula 1; Regression; Time-rank duality;
    All these keywords.

    JEL classification:

    • C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General
    • L8 - Industrial Organization - - Industry Studies: Services
    • Z2 - Other Special Topics - - Sports Economics

    Statistics

    Access and download statistics

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