Vernon L. Smith
Nobel-winning pioneer of experimental economics
Vernon Lomax Smith, an American economist who received the 2002 Nobel Memorial Prize in Economic Sciences jointly with Daniel Kahneman, was born on January 1, 1927 in Wichita, Kansas.[1][2] The research for which he received the Nobel Prize contributed to establishing laboratory experiments as a tool for empirical economic analysis, particularly in studying alternative market mechanisms.[1]
Quick Facts
- School of thought
- New classical economics
- Birth name
- Vernon Lomax Smith
- Born
- 1 January 1927
- Birthplace
- Wichita, Kansas, U.S.
- Field
- Experimental economics
- Doctoral advisor
- Wassily Leontief
- Influences
- Friedrich Hayek; Richard S. Howey
- Contributions
- Combinatorial auction; Experimental economics
Facts from the source article.
Life and work
Smith's mother's first husband died in a railroad accident, and the life insurance money was invested in a farm that supported the family during the Great Depression.[2] He was elected a Fellow of the Econometric Society in 1987 and to the National Academy of Sciences in 1995.[3] From 1955 to 1967, Smith held his initial academic appointment at Purdue University's Krannert School of Management, where he rose to the rank of full professor.[4] Between 1976 and 2001 at the University of Arizona, Smith conducted the majority of the research that led to his Nobel Memorial Prize in Economic Sciences.[5]
After engaging in self-diagnosis, Smith stated publicly in February 2005 that certain aspects of his personality are attributable to Asperger syndrome.[6]
What the cited sources add
The Economic Science Institute's genesis was an experiment Smith conducted in an introductory economics class in 1956.[7] That experiment led to the field of experimental economics, and Smith's work earned him a share of the 2002 Nobel Prize.[7] In 2008, Chapman University announced the Economic Science Institute, founded by Smith and fellow professors John Dickhaut, David Porter, Stephen Rassenti and Bart Wilson.[7] In February 2011, Smith and Bart Wilson ran experiments for high school students from underserved neighborhoods in Santa Ana, California.[8][9]
Those experiments showed how two seemingly contradictory quotes by economist Adam Smith could be reconciled.[9]
References
- Wikipedia, "Vernon L. Smith" (CC BY-SA 4.0), which cites: "Vernon L. Smith - Nobel Laureate in Economics 2002"; "Vernon L. Smith - Nobel Laureate in Economics 2002"; "Nobel Prize 2002"; (original not read by us) en.wikipedia.org
- Wikipedia, "Vernon L. Smith" (CC BY-SA 4.0), which cites: "Early life" (original not read by us) en.wikipedia.org
- Wikipedia, "Vernon L. Smith" (CC BY-SA 4.0), which cites: "Member Directory - NAS"; "Current Fellows", www.econometricsociety.org; "Vernon L. Smith - Nobel Laureate in Economics 2002"; "Honorary Doctoral Degrees at Universidad Francisco Marroquín"; "El Centro Vernon Smith de Economía Experimental", Universidad Francisco Marroquín; "Board Members – Center for Growth and Opportunity"; "Vernon Smith: Board Member", Mercatus Center, 2008-08-15; "Vernon L. Smith: CV", Chapman University; "Madden Center for Value Creation FAU Business", business.fau.edu (original not read by us) en.wikipedia.org
- Wikipedia, "Vernon L. Smith" (CC BY-SA 4.0) en.wikipedia.org
- Wikipedia, "Vernon L. Smith" (CC BY-SA 4.0), which cites: Steelman, "Interview: Vernon Smith", Federal Reserve Bank of Richmond, Spring 2003; Chapman, "Profile: Vernon L. Smith – Bringing economics into the laboratory", Quantitative Finance, August 2003, p. C58–C60; "UAA celebrates 10th anniversary of Rasmuson Chair of Economics", Green & Gold News, November 27, 2013; "About ESI", Chapman University (we also read that source) en.wikipedia.org
- Wikipedia, "Vernon L. Smith" (CC BY-SA 4.0), which cites: Herera, "Mildest autism has 'selective advantages'", NBC News, 25 February 2005 (original not read by us) en.wikipedia.org
- "About ESI", Chapman University. facts only, no text reused. chapman.edu
- Wikipedia, "Vernon L. Smith" (CC BY-SA 4.0), which cites: Mickadeit, "Nobelist gives teens Econ 101 lesson", The Orange County Register, 2011-01-30 (we also read that source) en.wikipedia.org
- Mickadeit, "Nobelist gives teens Econ 101 lesson", The Orange County Register, 2011-01-30. facts only, no text reused. ocregister.com
Each numbered sentence above was checked against the source it cites before publication. Sentences citing Wikipedia adapt text from the English Wikipedia article Vernon L. Smith (contributors), used under CC BY-SA 4.0; this entry is available under the same licence. Other sources were used for facts only; no text or images are copied from them.
More in Scientists & Inventors
Elsewhere in Historical Figures
Spotted an error? Know more?
Reader corrections go straight into our review queue. Suggest an edit · How this site is sourced