Olympic Medal Count - Factors

As the Olympics wind down, many sports fans are looking at the number of medals won by each country.  Historically, the medals compiled by participating countries has been related to several key factors, including:

• population
• financial and/or economic resources, and
• home field advantage.  

This year, the current leaders include the U.S., China, Great Britain, and Russia.  The always interesting Bleacher Report writes:

It should stand to reason that a country among the global leaders in available financial and human resources would be far more successful in athletic events that require elite athleticism, expensive training and state-of-the-art facilities.  

And, we have seen patriotism at the Olympic Games lead to some historic triumphs, such as the 1980 Miracle on Ice.   NPR reports more on the home field advantage, academic papers on the "Olympic Medal Analyses" -- and even an additional factor: communism!  Right around the time of the 2000 Sydney Olympics, two academic papers on medal counts came out, by Bernard of Dartmouth, and Johnson of Colorado College.  Here is a link to Bernard's paper.

Check these nice graphics out by the Huffington Post -- which shows totals medals, as well as medals divided by population or GDP.   Numbers -- and pictures -- can tell interesting stories!

Olympics: Revisiting a Popular Article

With the 2012 Olympics set to start in London (and today being July 4th), we thought we would revisit one of our more popular articles -- on the 1980 Miracle on Ice.  In that article, we looked at concepts of sports psychology and did an interesting and fun analysis (including Monte Carlo simulations) to study the odds of the U.S. ice hockey team winning the gold medal.

Herb Brooks was a true master of sports psychology, graduating from college with a degree in psychology.  Brooks knew he had a chance to make some noise at the Olympics - especially with the US hosting the Winter Olympics.  Brooks worked at gathering players who could lift their games to special levels -- and could also play as part of a team where the sum of the parts were greater than the individual pieces.  

On goaltender Jim Craig and other players, Brooks said, "I don't want the best players, I want the right players."  Brooks knew what he was doing when he put his 1980 team together, piece by piece.  He also knew how to "push the players' buttons" and was tough on many members of that Miracle on Ice -- but eventually created one of the most beloved U.S. sports stories of the twentieth century.

Based on key hockey statistics and expectations, we performed a Monte Carlo simulation to study the odds of the United States hockey team winning the gold medal. Monte Carlo methods use a random process to solve complicated problems...

In a similar manner, hockey games can be modeled based on certain random variables and key statistics, including shots on goal, save percentage and shot efficiency. If we model the United States team as a seventh seed, the probability of the United States winning the gold medal approaches odds as high as 1 in 1,000. 

But the United States turned out to be a stronger team than expected. Entering the medal round of the Olympics, the United States and Soviet teams were undefeated. The United States was 4-0-1, outscoring their opponents by 25-10, while the Russians were 5-0, outscoring their opponents by 51-11. The Soviet goaltenders, Vladislav Tretiak and Vladimir Myshkin, averaged a solid 88.2 save percentage, and the American goalie Jim Craig had a 91.7 save percentage.

If we base our simulations on the team’s performance in the tournament, the odds could have been as low as 17-to-1 for the United States win the gold medal.

The entire article was originally published in the NY Times in 2010, on the 30th anniversary of the Miracle on Ice.  Read more here:
http://vancouver2010.blogs.nytimes.com/2010/02/22/how-miraculous-was-the-miracle/?scp=1&sq=miraculous%20miracle&st=cse

Quant Facts 29-18 (6/22/12)

Quant Facts & Sport Psychology Predict the NBA Champion

Congratulations to both the Miami Heat and Oklahoma City Thunder on great NBA seasons.  We look forward to years of exciting action from these teams and players.  The 2011-12 strike-shortened season had many exciting moments -- and super performances from many teams in addition to the finalists, including the Bulls, Celtics, and Spurs.

With the Miami Heat taking the 2012 NBA Championship, our "Who Will Win" blog's "quant fact" record improves to 29-18 (61.7%).  It is noteworthy that the Oklahoma City Thunder was a favorite to defeat Miami in the NBA Finals.  This is a testament to the power of "the concepts of sports psychology": championship traits (related to sport psychology) sometimes go against conventional wisdom -- but have been correct more than 60% of the time, between two fairly evenly-matched champions.

In particular, our work has shown that "big game experience" is one of the most important factors (even at the highest level!) -- and the relationship between experience and confidence can yield that elusive mental edge.  Experience, confidence, and mental toughness can have a material impact on results.

We had no official quant fact prediction in the NHL -- although some readers pointed out that if we went purely by the numbers, the quant facts would have been correct!



Carlton Chin, CFA, an MIT-trained "quant" and portfolio strategist and Dr. Jay Granat, a psychotherapist and sports psychologist, wrote "Who Will Win the Big Game? A Psychological & Mathematical Approach."  Chin is a specialist in risk management and asset allocation -- and Granat is founder of StayInTheZone.com.