The odds offered at Ladbrokes, the UK-based gambling company, for the two Nobel prize Mrs. Ellinor Ostrom and Mr. Oliver Williamson were 50/1. Good bet!!!
Nobel Peace Prize to President Obama was somewhat easier to predict as there were fewer candidates... Prediction is something that economists themselves are not in any case good at (last crisis docet).
Why Do We Have Economists (and Nobel Prizes)?
Why Economists’ Predictions are Always Wrong?It appears that economists cannot even agree and predict who among themselves may win the Nobel Prize. Yet after this crisis there is a need for a new set of theories, including regulations, of the market and economics. Can economists make a contribution to that?
PS: The Nobel Prize is for Economic Sciences but Mrs Ostrom is professor in Political Science with:
B.A. (with honors), Political Science, UCLA, 1954
M.A., Political Science, UCLA, 1962
Ph.D., Political Science, UCLA, 1965
Are economists happy?