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The first things that come to mind are the Hacker News & Reddit ranking algorithms — they time-weight up and down votes for the home page or subreddit topic lists. I'd have to do some further looking to dig up academic cites; feel free to search & share any if you find some! Unfortunately the link I had for Hacker News now 404s.
A simple half-life decay model would be a reasonable starting point, though.
There will be a couple of other things needed technically: in particular, we need a way to feed the time into the system. There are a couple of designs we can think about technically:
We decay based on query time. This will require the ability to provide a query timestamp, which we eventually need to do anyway, but likely requires additional evaluation work, and only makes a difference when we're incorporating new ratings live. It also requires a decay model that progressively increases weights as time goes forward instead of retroactiely decaying waits of historical ratings (or it's very time-consuming to compute).
We decay based on training time. This fits well with the current paradigm and is the easiest to implement.
To implement the second option, though, we do need a concept of the time when training happened. This should probably be an attribute of the dataset; if the user doesn't specify, we can use the last item timestamp.
Creating a new ticket for time-weighted popularity; see #359 for prior discussions.
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