Vernon L. Smith
Vernon Lomax Smith (born
January 1,
1927 in
Wichita, Kansas) is professor of
economics and
law at
George Mason University and the
George Mason University School of Law, a research scholar in the
Interdisciplinary Center for Economic Science, and a Fellow of the
Mercatus Center all in
Arlington, Virginia.
An alumnus of Wichita North High School and
Friends University, Smith received his bachelor's degree in
electrical engineering from
Caltech in
1949, an
M.A. in economics from the
University of Kansas in
1952, and his
Ph.D. in economics from
Harvard University in
1955.
Smith's first teaching post was at the
Krannert School of
Purdue University, which he held from
1955 until
1967, attaining the rank of full professor. It was there that his work in
experimental economics began. As Smith describes it:
"In the Autumn semester, 1955, I taught Principles of Economics, and found it a challenge to convey basic microeconomic theory to students. Why/how could any market approximate a competitive equilibrium? I resolved that on the first day of class the following semester, I would try running a market experiment that would give the students an opportunity to experience an actual market, and me the opportunity to observe one in which I knew, but they did not know what were the alleged driving conditions of supply and demand in that market."
Smith also taught as a visiting associate professor at
Stanford University (
1961-
1962) and there made contact with
Sydney Siegel, who was also doing work in
experimental economics. Smith moved with his family to
Massachusetts and got a position first at
Brown University (
1967-
1968), then at the
University of Massachusetts (
1968-
1972). Smith also received appointments at the
Center for Advanced Study in the Behavioral Sciences (
1972-
1973) and
Caltech (
1974-
1975). He moved on to the
University of Arizona from
1976 until
2002, where he conducted research that earned him the
Bank of Sweden Prize in Economic Sciences. He has authored or co-authored over 200 articles and books on
capital theory,
finance,
natural resource economics and
experimental economics.
Smith received the
Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel in
2002. He served as an expert for the
Copenhagen Consensus.
In
February 2005 Smith spoke out publicly about his
Asperger's syndrome, which is part of the autistic spectrum
.
*
List of economists*
List of economics consultancies and think tanks*
Interdisciplinary Center for Economic Science (ICES)*
GMU bio*
having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms*
Honorary Doctorate Ceremony Universidad Francisco Marroquin*
Smith's autobiography*
Universidad Francisco Marroquín Exploring Austrian and Experimental Economics - Vernon Smith *
Universidad Francisco Marroquín Economics in the laboratory - Vernon Smith*
Universidad Francisco Marroquín Experimental Economics and Public Choice - Vernon Smith
