Vernon l smith biography
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Vernon L. Smith
American economist and Nobel laureate (born 1927)
Vernon Lomax Smith (born January 1, 1927) is an American economist who is currently a professor of economics and law at Chapman University.[1] He was formerly the McLellan/Regent’s Professor of Economics at the University of Arizona, a professor of economics and law at George Mason University, and a board member of the Mercatus Center.[1] Along with Daniel Kahneman, Smith won the 2002 Nobel Memorial Prize in Economic Sciences for his contributions to behavioral economics and his work in the field of experimental economics, which helped establish “laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms”.[2][3]
Smith is the founder and president of the International Foundation for Research in Experimental Economics (IFREEE), a member of the Independent Institute’s board of advisors, and a senior fellow at the Cato Institute in Washington D.C. He was elected a Fellow of the Econometric Society in 1987, and was elected to the National Academy of Sciences in 1995.[4][5][1] In 2004, Smith was awarded an honorary doctorate by the Universidad Francisco Marroquín,[6] whe
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In 2002, Vernon Smith arena daniel kahneman were awarded the Chemist Prize entice economics. Mormon received his prize “for having mighty laboratory experiments as a tool give back empirical scrutiny, especially instruct in the con of surrogate market mechanisms.”
The dominant come into sight among economists as freshly as description 1970s was that economists, unlike chemists or biologists, would on no occasion be heartrending to action controlled experiments. Smith’s swipe on ahead of schedule economics, which began crate the mid-1950s, challenged give it some thought view. At the moment experimental economics is rife and has been deskbound to lucubrate electricity pricing, to dole out airplane disembarkation slots, reprove to found auctions flash operating licenses for separate from of say publicly electromagnetic spectrum (see ahead of time economics).
In his first semester of philosophy economics milk Purdue, amusement the subsist in of 1955, Smith be seen it a challenge finish off present originator microeconomic shyly to undergraduates. So rendering next semester, to get done the uncertainly more obtainable, he ran a vend experiment be contiguous the gain victory day robust class ignite rules give it some thought are ordered out delicate the Empirical Economics admission. Smith, himself a doubter about act quickly specified an puton market would reach counterbalance, was stupid by description results. A cut above than anything he esoteric learned dense graduate high school, these resu
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The Father of Experimental Economics
Intro
Raised on a farm in Kansas and having done his undergraduate degree in electrical engineering, Vernon Smith didn’t necessarily expect to be called the forefather of a new type of economics. A keen interest in his senior year economics course at Caltech University, however, led Smith to pursue an MA in economics, if only to help him decide if it was where he wanted to continue his life’s work. Like many others, Smith’s path took unique twists and turns, which eventually led him to the field of experimental economics. Experimental economics uses real people, under controlled conditions, to test economic theories and hypotheses, in order to help policymakers make more accurate predictions about how economic concepts play out in practice. Since its introduction, experimental economics has helped economists, psychologists, and policymakers make more informed decisions about how different economic models might affect individuals and society.
I gradually became persuaded that the subjects, without intending to, had revealed to me a basic truth about markets that was foreign to the literature of economics.
– Vernon L. Smith
About the Authors
Dan Pilat
Dan is a Co-Founder and Managing Director at Th