Vernon L. Smith

Vernon L. Smith (USA), studied economics at the University of Kansas and at Harvard and began his teaching career at Purdue University, Stanford University, Arizona State University and George Mason University. Currently he directs the Economic Science Institute at Chapman University in California. In 2002, Vernon Smith was awarded the 2002 Nobel Prize in Economics for his pathbreaking work in behavioral economics, in the fields of property rights and experimental economics. He shared the Prize with Daniel Kahneman. Smith is a founding board member of the Center for Growth and Opportunity at Utah State University and also serves as a board member of George Mason University’s Mercatus Center. Among his countless seminal contributions only his most seminal works can be mentioned here: Experimental Economics: Induced Value Theory (1962), Bargaining and Market Behavior: Essays in Experimental Economics (2000) or Constructivist and Ecological Rationality in Economics’ (2003).