There is a much simpler and elegant method. Just rank posts by their probability of getting an upvote. This is just (upvotes+1)/(upvotes+downvotess+2).
This gives an advantage to new posts for which the probability is much more uncertain: it's easier to get 1 upvote and 0 downvotes (rank 2/3) than to get 1999 upvotes and 999 downvotes (also rank 2/3). Maybe that's what you want, but the post is exactly about those cases when this is not what you want.
Increase the presentation as ratings increase.