2002 Nobel Prize winner in Economic Sciences
Vernon L. Smith

Vernon Lomax Smith (born 1 January 1927) is an American professor of economics and law at Chapman University's Argyros School of Business and Economics and School of Law in Orange, California, a former professor of economics and law at George Mason University, and a board member of the Mercatus Center in Arlington, Virginia. Smith shared the 2002 Nobel Memorial Prize in Economic Sciences with Daniel Kahneman.


Vernon L. Smith (1927- ), The Concise Encyclopedia of Economics, 2008
Biographical entry, including list of selected works
"In 2002, Vernon Smith and Daniel Kahneman were awarded the Nobel Prize in economics. Smith received his prize 'for having established laboratory experiments as a tool in empirical analysis, especially in the study of alternative market mechanisms.' ... In his first semester of teaching economics at Purdue, in the fall of 1955, Smith found it a challenge to present basic microeconomic theory to undergraduates. So the next semester, to make the theory more accessible, he ran a market experiment on the first day of class ..."
Related Topic: Government


TheAdvocates.org - Vernon Smith
200x250 JPEG, color


1 Jan 1927, Vernon Lomax Smith, in Wichita, Kansas


Vernon L. Smith

Awards Received

2002 Nobel Prize in Economic Sciences, granted by The Royal Swedish Academy of Sciences, Nobel Memorial Prize in Economic Sciences
Includes prize lecture, banquet speech and video interview


Independent Institute, Research Fellow
Reason Foundation, Trustee Emeritus
Virginia Institute for Public Policy, Board of Scholars
George Mason University, Professor of Economics and Law
Institute for Humane Studies, Guest lecturer
Mont Pelerin Society, Member

Web Pages

Vernon Smith - Libertarian
Advocates for Self-Government


Vernon L. Smith at IDEAS
RePEc (Research Papers in Economics)


Free markets king in Sweden, at least for a day: Ten minutes with .... Donald Boudreaux, by Donald J. Boudreaux, Bill Steigerwald, 18 Dec 2002
Comments on Vernon Smith's Nobel Prize
"Q: For all the lay people out there, can you give me a description of Smith's 'experimental economics.' What kind of thing does he do?
A: He's the founder. He ran his first experiments 50 years ago. ... He creates these very creative experiments that are designed to test the assumptions and the conclusions of economics. What he's found is that markets are even more robust and adept at giving consumers value than even free-market textbooks portrayed."
Related Topic: Nobel Prize

The introductory paragraph uses material from the Wikipedia article "Vernon L. Smith" as of 17 May 2018, which is released under the Creative Commons Attribution-Share-Alike License 3.0.