It Was the Best of Times, It Was the Worst of Times
| Peter Klein |
Many are enjoying the irony of Sandra Bullock winning a best-actress Oscar (for The Blind Side) and a worst-actress Razzie (for All About Steve) in the same year. It made me think of Robert Hodgson’s recent paper in the Journal of Wine Economics, noting that wines winning awards in a particular competition are no more likely to win awards in other competitions. “An analysis of the number of Gold medals received in multiple competitions indicates that the probability of winning a Gold medal at one competition is stochastically independent of the probability of receiving a Gold at another competition, indicating that winning a Gold medal is greatly influenced by chance alone.” Perhaps acting awards work the same way?