In case the new issue of PS: Political Science and Politics is still on your junk mail table, here's a primer on the journal's recent publication of 13 distinct predictions of the 2012 election: Five academics predict an Obama victory, five predict a Romney victory, and three say it's too close to call.
And here's a prediction I feel good about: Five of them will be correct.
All 13 of the predictions in this peer-reviewed journal are the product of fundamental models, which examine broad historical trends that influence elections rather than simply aggregating polls and prediction markets. Some of the models use polls as a guidance, but the focus is on information like economic indicators, incumbency, past election results, the state of war, and other lofty data points divorced from public opinion surveys.
I wholly endorse the idea of academics working alongside journalists in the popular election prediction industry—obviously—but PS looks silly publishing these forecasts at the end of September. Models are useful in painting a broad electoral picture six months ahead of time, before public opinion has coalesced. They typically cannot account for the narrow margins of victory that shake out weeks or days before polls open. Relying on fundamental models in October is like relying on pre-season baseball predictions in October. I would look stupid—or at least delusional in my fandom—if I forecasted the Philadelphia Phillies winning the National League East today, when they are eliminated from the running, even though they were pre-season favorites.