I've the following players, each value corresponds to a result in percentage of right answers in a given game.
$players = array
(
'A' => array(0, 0, 0, 0),
'B' => array(50, 50, 0, 0),
'C' => array(50, 50, 50, 50),
'D' => array(75, 90, 100, 25),
'E' => array(50, 50, 50, 50),
'F' => array(100, 100, 0, 0),
'G' => array(100, 100, 100, 100),
);
I want to be able to pick up the best players but I also want to take into account how reliable a player is (less entropy = more reliable), so far I've come up with the following formula:
average - standard_deviation / 2
However I'm not sure if this is a optimal formula and I would like to hear your thoughts on this. I've been thinking some more on this problem and I've come up with a slightly different formula, here it is the revised version:
average - standard_deviation / # of bets
This result would then be weighted for the next upcoming vote, so for instance a new bet from player C would only count as half a bet.
I can't go into specifics here but this is a project related with the Wisdom of Crowds theory and the Delphi method and my goal is to predict as best as possible the next results weighting past bets from several players.
I appreciate all input, thanks.