In the spirit of this post (looking beyond the actual Premier League table) here's something I cooked up today:
1. I've taken every Premier League match so far and recorded it as 1 or 0 depending on whether the home team wins or not.
2. I've regressed the outcome on a constant (the average probability with which a home team wins) and variables that denote which teams are playing in the match (the home team and the away team).
3. I take the average home/away coefficients for each team - these determine how the probability of the home team winning changes, for instance if Man City is the home team, then the variable I've included for them bump ups the probability of winning due to their better-than-average performance. I then scale these coefficients (so that the worst home/away team has a score of zero).
Here are the results:
http://i44.tinypic.com/6f5uhe.png(Blue = home strength, red = away strength, green = average strength)
Home strength
Top 6:
1. Manchester City - 25% stronger than Arsenal
2. Arsenal - 5% stronger than Liverpool
3. Liverpool - 4% stronger than Chelsea
4. Chelsea - 66% stronger than Everton
5. Everton - 19% stronger than Hull
6. Hull - 10% stronger than Manchester United
Away strength
Top 6:
1. Everton - 6% stronger than Manchester United
2. Manchester United - 9% stronger than Arsenal
3. Arsenal - 7% stronger than West Brom
4. West Brom - 5% stronger than Tottenham
5. Tottenham - 2% stronger than Liverpool
6. Liverpool - 5% stronger than Southampton
Average strength (50%/50% weighting home/away)
Top 6:
1. Arsenal - 9% stronger than Liverpool
2. Liverpool - 2% stronger than Manchester City
3: Manchester City - 12% stronger than Everton
4. Everton - 3% stronger than Chelsea
5. Chelsea - 12% stronger than Manchester United
6: Manchester United - 25% stronger than Tottenham
The reason why these rankings differ from the league table is that they - similar to the APT - take into account performance against better teams (hence West Brom's positioning in the top 6 of away teams). Makes for some interesting reading...