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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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    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

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