The question is whether voters in future primaries decide the race is effectively over after Tuesday and flock to Romney, or whether Santorum lives to fight another day in the polls. A big-enough night for Santorum could prolong his eventual defeat, since polls tend to be more short-sighted than markets. Here are the odds for tomorrow's individual elections:
We can predict with near certainty that Romney will win in Virginia (where only he and Ron Paul are on the ballot), his home turf of Massachusetts, neighboring Vermont, and Idaho. Gingrich likewise has odds of about 95 percent in Georgia.
Romney has 81.6 percent odds in the crown jewel, Ohio, though polls—which lag compared to markets—have him virtually tied with Santorum. (The odds swung significantly in his favor after last week's wins in Arizona and Michigan.) As we've noted before, this literally means that 1 out of 5 times, Santorum pulls off an upset win. Meanwhile, Santorum has 88.6 percent odds in conservative Oklahoma.
That leaves North Dakota and Alaska, where Romney has odds around 75 percent, and Tennessee, where Santorum leads with 57 percent of the vote.
There are 419 delegates at stake Tuesday, and Romney could take the vast majority if he meets or exceeds expectations. The former Massachusetts governor already has an 86.4 percent chance to be the Republican nominee for president, and he will still be the overwhelming favorite to win the nomination regardless of the outcome on Super Tuesday. The question is whether he can effectively seal the deal Tuesday, or leave Santorum enough delegates to hang on to even an imaginary claim to the nomination.
David Rothschild is an economist at Yahoo! Research. He has a Ph.D. in applied economics from the Wharton School of Business at the University of Pennsylvania. Follow him on Twitter @DavMicRot and email him at thesignal@yahoo-inc.com.
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India dominated the game from the start India has won the first women's Kabaddi World Cup championship, beating Iran 25-19 in a thrilling game played in Patna, in the state of Bihar.
Phillipe Sion | The Image Bank | Getty ImagesPrime Minister Enda Kenny announced on Tuesday that the country would hold a referendum on the treaty. Ireland has a history of rejecting EU treaties in the first vote – which usually sees a lower turnout – before accepting them the second time around. While the country has been hailed as a poster boy for austerity, and has staged a small recovery from the debt crisis, the economic situation is still far from perfect. Unemployment is hovering around 14 percent, and mass emigration among young people has returned as the job market contracts. There is still resentment that the previous government’s vow to guarantee deposits at the six main Irish banks helped cause the current problems. The Irish people’s concerns about “the need for strong EU and international support for the economy” should help gain a majority vote for the treaty, Gillian Edgeworth, chief EEMEA economist at UniCredit, wrote in a note. “However opposition is also set to be more vocal than in the past, with a clear risk that polls show a close outcome up until the eve of the vote,” she warned. “The Irish people are very independent and will make up their own mind,” Lucinda Creighton, minister of state for European affairs, Ireland, told CNBC Wednesday. “People are quite confused on the detail of the fiscal compact, so we have a big task to provide adequate information to enable people to make up their minds.” She added that she is “pretty confident” that the treaty, which is backed by Ireland’s two biggest political parties, will be passed. Ireland’s low corporation tax, which has helped attract investment from multinationl corporations in recent months as the country’s cost of labor has declined, is viewed by many as key to its economic recovery. The treaty leaves national governments with responsibility for setting tax rates. “The one big advantage that Ireland has got is that they don’t have to do the big structural reforms in terms of getting labor markets to work more effectively, and that’s why we are seeing their competitiveness adjusting more quickly than Greece and others,” Peter Westaway, chief economist, Europe at Vanguard Asset Management, told CNBC.