Forecasting Records by Maximum Likelihood
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A maximum likelihood method of fitting a model to a series of records is proposed, using ideas from the analysis of censored data to construct a likelihood function based on observed records. This method is tried out by fitting several models to series of athletics records for mile and marathon races. A form of residual analysis is proposed for testing the models. Forecasting consequences are also considered. In the case of mile records, a steady linear improvement since 1931 is found. The marathon data are harder to interpret, with a steady improvement until 1965 with only slight improvement in world records since then. In both cases, the normal distribution appears at least as good as extreme-value distributions for the distribution of annual best performances. Short-term forecasts appear satisfactory, but serious reservations are expressed about using regression-type methods to predict long-term performance limits.