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.
Categories: stat.AP math.PR