I can confirm that the solution by delphifirst works and is the easiest, simplest solution to the problem of running a python script with elevated privileges.
I created a shortcut to the python executable (python.exe) and then modified the shortcut by adding my script's name after the call to python.exe. Next I checked "run as administrator" on the "compatibility tab" of the shortcut. When the shortcut is executed, you get a prompt asking permission to run the script as an administrator.
My particular python application was an installer program. The program allows installing and uninstalling another python app. In my case I created two shortcuts, one named "appname install" and the other named "appname uninstall". The only difference between the two shortcuts is the argument following the python script name. In the installer version the argument is "install". In the uninstall version the argument is "uninstall". Code in the installer script evaluates the argument supplied and calls the appropriate function (install or uninstall) as needed.
I hope my explanation helps others more quickly figure out how to run a python script with elevated privileges.