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Vernon L. Smith

AKA Vernon Lomax Smith

Born: 1-Jan-1927
Birthplace: Wichita, KS

Gender: Male
Race or Ethnicity: White
Sexual orientation: Straight
Occupation: Economist

Nationality: United States
Executive summary: Experimental economics

Vernon L. Smith won the Nobel Prize in Economics in 2002, sharing it with psychologist Daniel Kahneman. Smith's research involved "perfect competition", finding the theoretical equilibrium or acceptable market price, and "wind-tunnel tests" for market research prior to product release, as well as capital theory, experimental economics, finance, and natural resource economics. He has said he was raised a socialist, but now thinks of himself as a libertarian. He founded and still serves as President of the International Foundation for Research in Experimental Economics.

Father: Vernon Chessman Smith (oil equipment machinist, b. 1880, d. 1954)
Mother: Lulu Belle Lomax Bougher (shoe saleswoman, b. 1896, d. 1957, two half-sisters)
Wife: Joyce Harkleroad (Unitarian minister, m. 1950, three children)
Daughter: Deborah (b. 1951, twin)
Son: Eric (b. 1951, twin)
Daughter: Torrie (b. 1955)

    High School: North High School, Wichita, KS (1944)
    University: Friends University Wichita (attended 1944-45)
    University: BS Electrical Engineering, California Institute of Technology (1949)
    University: MA Economics, University of Kansas (1952)
    University: PhD Economics, Harvard University (1955)
    Teacher: Economics, Purdue University (1955-67)
    Teacher: Economics, Stanford University (1961-62)
    Professor: Economics, Brown University (1967-68)
    Professor: Economics, University of Massachusetts (1968-72)
    Professor: Economics, California Institute of Technology (1973-75)
    Professor: Economics, University of Arizona (1975-2001)
    Professor: Economics, George Mason University (2001-)
    Professor: Economics and Law, Chapman University

    Boeing Weapons testing (1943-44)
    American Economic Association
    Association for Private Enterprise Education
    Center for Advanced Study in the Behavioral Sciences Fellow
    Economic Science Association
    Mercatus Center Board of Directors
    Mont Pelerin Society
    National Academy of Sciences 1995
    North American Electric Reliability Council
    Public Choice Society
    Virginia Institute of Public Policy
    Western Economic Association
    Ford Fellowship
    Nobel Prize for Economics 2002 (with Daniel Kahneman)

Official Website:

Author of books:
Investment and Production (1961)
Economics of Natural and Environmental Resources (1977)
Papers in Experimental Economics (1991)
Experiments in Decision, Organization and Exchange (1993, with Richard H. Day)
Bargaining and Market Behavior: Essays in Experimental Economics (2000)
Experimental Economics: How We Can Build Better Financial Markets (2002, with Ross M. Miller)
The Law and Economics of Irrational Behavior (2005, with Francesco Parisi)

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