The Elo rating system is seriously flawed
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A two dimensional measure of chess performance is presented and it is shown to have more information and a greater power of discrimination than scalar measures because it does not rely on scoring. The scoring procedure used by scalar measures to reduce chess game outcomes from a trinomial to a binomial variable causes some chess game outcome information to be irretrievably lost.
Link to download button: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2488369
Youtube video: http://www.youtube.com/watch?v=QXdwgQAyNas