Vernon Smith Prize

The International Vernon Smith Prize has been established in 2008 by ECAEF for the advancement of Austrian Economics. The essay competition is named after Professor Vernon Lomax Smith (born on January 1, 1927). He is a professor of economics at Chapman University’s Argyros School of Business and Economics and School of Law in Orange, California, a research scholar at George Mason University Interdisciplinary Center for Economic Science, and a Fellow of the Mercatus Center, all in Arlington, Virginia. Smith shared the 2002 Nobel Memorial Prize in Economic Sciences with Daniel Kahneman. He is also the founder and president of the International Foundation for Research in Experimental Economics, a Member of the Board of Advisors for The Independent Institute, and a Senior Fellow at the Cato Institute in Washington D.C.

Once a year, ECAEF invites papers on a certain topic. The sent-in papers need to meet the following requirements:

1. Entries may be submitted by individuals of up to 30 years.

2. Entries may not exceed 12 pages; 1.5 spacing; left/right margins no less then 1 inch; full bibliography and a 1/2 page summary (abstract) must be included.

3. Entries must be submitted in English in electronic form (PDF) to Prof. Kurt Leube (krl@ecaef.org) and must include an abbreviated CV, featuring DoB, education, and current position of the sender.

4. Entries must be received on or before a certain deadline – usually in the beginning of November.

5. It is mandatory that all prize winners participate in the award ceremony in Vaduz (Liechtenstein). Prizes are not transferable and will be awarded on the basis of originality, grasp of subject, and the logical consistence of the argument.

Essays will be judged by an international jury and the winners will be invited to present their papers at a special award ceremony in Vaduz, Principality of Liechtenstein. First Prize: €4,000 – Second Prize: €3,000 – Third Prize: €2,000. See a list of topics of previous Vernon Smith Prize essay competitions here: