World-record envelopes: The speed-distance trade-off in racing events

The concept of a mathematical envelope, which is widely used in economics, can be applied to the relationship between world-record racing speeds and event distances. This paper derives and estimates world-record envelopes for running, freestyle swimming, and speed skating and shows how these envelopes are related to the underlying family of individual performance curves. It also compares world-record envelopes for men and women and shows that the world-record envelope in men's running has shifted upward over time but has not changed shape in 120 years. Finally, this paper shows that the speed-distance envelope reflects not only the trade-off between speed and distance for individual athletes but also the change in this trade-off as one moves from one athlete to another. The failure of existing studies to recognize the second effect leads to a misinterpretation of the observed link between world-record performances and human physiology. The paper also shows how this problem can be avoided by estimating individual performance curves using the personal best times of elite athletes.