- Bayesian Anal. (2017), 24 pages.
A Comparison of Truncated and Time-Weighted Plackett–Luce Models for Probabilistic Forecasting of Formula One Results
We compare several variants of the Plackett–Luce model, a commonly-used model for permutations, in terms of their ability to accurately forecast Formula One motor racing results. A Bayesian approach to forecasting is adopted and a Gibbs sampler for sampling from the posterior distributions of the model parameters is described. Prediction of the results from the 2010 to 2013 Formula One seasons highlights clear strengths and weaknesses of the various models. We demonstrate by example that down weighting past results can improve forecasts, and that some of the models we consider are competitive with the forecasts implied by bookmakers odds.
Bayesian Anal. (2017), 24 pages.
First available in Project Euclid: 28 February 2017
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Henderson, Daniel A.; Kirrane, Liam J. A Comparison of Truncated and Time-Weighted Plackett–Luce Models for Probabilistic Forecasting of Formula One Results. Bayesian Anal., advance publication, 28 February 2017. doi:10.1214/17-BA1048. https://projecteuclid.org/euclid.ba/1488250819
- Supplementary material: Supplementary Material for “A comparison of truncated and time-weighted Plackett–Luce models for probabilistic forecasting of Formula One results”. The Supplementary material contains further details on the Gibbs sampling algorithm of Section 3, details of predictive simulations, an analysis of sensitivity of predictions to prior assumptions and an investigation into optimal choices of the time weighting parameter.