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And here we are waiting outside the Royal Swedish Academy of Sciences.

The crowd is gathering, everyone here is really tall.

From my understanding, the committee is inside meeting right now, holding the final vote to decide the 2010 Nobel Prize in Economic Sciences.

I am not sure exactly what happens if the committee’s recommendation doesn’t pass this final vote. Maybe then they just put the prize up for auction.

Which of course means that either Milgrom will win, given his expertise, or Mankiw would win, given his textbook riches.

On the other hand if it came down to arm wrestling, Matt Rabin would be the 2010 Laureate.

I am sure Matt would share it. That’s how he rolls.

Can you wear tie-dye to the December ceremony? Do they make tie-dye tuxedos?

Speaking of tie-dye, some guy just brushed by me, whispering “ice-cold Econometricas.”

It’s definitely getting a little grungy out here as the crowd begins to gather. Some people, probably grad students, just rolled out of a VW bus.

They’re apparently doing the whole Nobel tour, they just drove from Norway where the Peace prize was announced. I don’t think they have tickets.

Oh wait its a Saab.

Ok while we are waiting here’s some Nobel trivia for you. Did you know that Alfred Nobel’s original instruction was to give the Prize for research published in the previous year?

They stopped doing that when one of the recipients’ work was discredited after already winning the prize. Now they wait like 10 years before giving the prize.

A little different in economics of course because the publication process already takes 10 years. The work is already established by the time it is published.

Which means of course it is sure to be discredited already by then.

Hey I can hear music inside the building, I think its getting ready to start. Is that John Mayer?

I must tell you I am feeling a little out of sorts. The ligonberries I had for breakfast are messing with me.

Ok we are entering the auditorium!

The crowd is enourmous.  There is a definite rumble as the excitement starts to build.

The guy next to me just handed me a bag of peanuts and motioned to pass it on.  I thought that was a little strange, but I did it.

Money coming the other way…

Hey this is it!  The lights are dimming.  There is a giant video screen.

A silhouette of a face has just been projected on the screen.  Could that be the 2010 Nobel laureate?

I just noticed the guy next to me is waving a pennant and eating cotton candy.  Where did he get that?

The feeling of suspense here is overwhelming.  People are actually whistling and cheering.  They are doing the wave!  There are fireworks in the auditorium.

A streaker!  Stenciled across his posterior:  “Backward Induction.”  Not sure what that means.  Must be a physicist, still disgruntled about the whole Economics Nobel thing.

Ernst Fehr just tackled him!

OK, the distraction is over, now the light is blazing white hot from the big screen.  Everybody is squinting and shielding their eyes as they try to make out the face.

It’s coming into focus!  And now there’s a name below the face.

It seems like the louder the crowd roars the clearer the image becomes.  It’s deafening now.

Some people are exploding into cheers, they must be able to make out the name.  Ahh… I can see it now.  The 2010 Nobel Laureate in Economics is…

Carl Yastrzemski!!!!


Definitely a surprise pick by the Nobel committee!  People are scrambling for their laptops to file their reports.  This is huge!

I must say I was not expecting this.  I am supposed to write a summary of the work and I really am caught off guard by this one.

And here I was worried that I would have a hard time figuring out Dick Thaler’s contribution to economics, sheesh what am I gonna do with Carl Yastrzemski??

I think he may be the first to win the Triple Crown and the Economics Nobel.

OK, its time for the big phone call.  On the big screen now you see they are dialing and waiting.  The phone is ringing.

Hey my phone is ringing!  Gonna answer it.

It’s Sandeep!  “Hey Sandeep you are never going to believe this!”

S: “Jeff, did you forget you were going to blog the Nobel announcement?”

J:  “No man, I am here, I am on it.  Carl Yastrzemski!  Can you believe that?”

S: “What are you talking about?  Look at the clock man, you overslept.  You missed the whole thing. Diamond, Mortensen, and Pissarides got it, exactly as I predicted last week. This is a big day for Northwestern and you missed it! Who the hell is Carl Yastrzemski?”

J:  “Overslept?  Huh?  Wait, I was there.  Where am I?  Oh man, I thought I set my alarm.  They said 11AM.”

S: “GMT you idiot.  You know what GMT means don’t you?”

J: “Give-or-take a Minute or Two?”

S: “Aiee!  That’s it, I’m taking my kids out of the American public school system today.  Bye”

Congratulations to the new laureates!!  Way to go Dale!!