if n is not far from r then using the recursive definition of combination is probably better, since xC0 == 1 you will only have a few iterations:
The relevant recursive definition here is:
nCr = (n-1)C(r-1) * n/r
This can be nicely computed using tail recursion with the following list:
[(n - r, 0), (n - r + 1, 1), (n - r + 2, 2), ..., (n - 1, r - 1), (n, r)]
which is of course easily generated in Python (we omit the first entry since nC0 = 1) by izip(xrange(n - r + 1, n+1), xrange(1, r+1))
Note that this assumes r <= n you need to check for that and swap them if they are not. Also to optimize use if r < n/2 then r = n - r.
Now we simply need to apply the recursion step using tail recursion with reduce. We start with 1 since nC0 is 1 and then multiply the current value with the next entry from the list as below.
from itertools import izip
reduce(lambda x, y: x * y[0] / y[1], izip(xrange(n - r + 1, n+1), xrange(1, r+1)), 1)
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