5 seen as favorites for Nobel economics prize

Five professors are leading contenders for the 2011 Nobel Memorial Prize in Economic Sciences, according to a prediction released Wednesday from Thomson Reuters, a provider of information to financial, accounting and other markets.

The newest top potential laureates for the prize, which is scheduled to be awarded Oct. 10, are:

Douglas W. Diamond, Merton H. Miller Distinguished Service Professor of Finance, University of Chicago Booth School of Business;

Jerry A. Hausman, John and Jennie S. MacDonald Professor of Economics, Department of Economics, Massachusetts Institute of Technology;

Halbert L. White Jr., Chancellor’s Associates Distinguished Professor of Economics, University of California San Diego;

Anne O. Krueger, professor of international economics, Paul H. Nitze School of Advanced International Studies, Johns Hopkins University; and

Gordon Tullock; professor emeritus of law and economics, George Mason University School of Law.

They joined 32 other academics Thomson Reuters named between 2002 and last year as top contenders for the award, either in the year they were picked or in the near future, according to a Thomson Reuters statement about the predictions.

It has successfully picked 12 Nobel economics prize winners, who received the award between 1991 and 2008.

Criteria for the predictions included the esteem of colleagues based on frequency of citations in research papers to an individual’s work.

A “correlation between high citation frequency and the receipt of prestigious prizes, especially the Nobel prize” contribute to the accuracy of the predictions, the statement said.

The award, the Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is awarded by the Royal Swedish Academy of Sciences.