Predicting outcomes for games of skill by redefining what it means to win
arxiv.org
arxiv.org
The tricky bit is trying to estimate these effects with a finite number of samples or observations. Elo thrives on limited data.
If a prediction model was consistently accurate, the creators would be breaking Vegas instead of publishing predictions on a blog.
> Our findings indicate the probabilistic predictions are highly accurate with a mean absolute error that is comparable to, albeit slightly worse than, Vegas betting lines.
Meanwhile, tons of people are throwing ML models at sports bets, models that they often don't understand, and Vegas is keeping up with it by adjusting the payouts.
For a single match, no. Across a sample of predictions? Elementary. (If 60% of the games you give white a 90% chance of winning are, in fact, won by black, you don’t need a lot of games to determine your model is wrong.)
Essentially, if you make 100 predictions, the Brier score will measure how well you are able to make precise predictions. If you always estimate the odds that X will win to be 50/50, you won't do nearly as well as someone who correctly predicts the outcome each time.
Put differently: PageRank models stable dominance relations, while Elo better reflects evolution in skill.
Classic Elo: A user visits a page and is shown a picture of two different types of Halloween candy. The user clicks the candy they like better. You run "win/loss" Elo on the candy matchups and rank the candies by their Elo rating.
FiveThirtyEight did that here http://fivethirtyeight.com/features/the-ultimate-halloween-c...
Margin-dependent Elo: A user visits a page and is shown a picture of two different types of Halloween candy. The user moves a sliding bar, say from -10 to 10, to indicate which candy they prefer. I can then run margin-dependent Elo rankings on those candy matchups and rank the candies by different moments of their Elo rating distributions.