Vernon Smith
  • 2002 Nobel Prize in Economics


American economist and professor of business economics and law at Chapman University. Smith shared the 2002 Nobel Memorial Prize in Economic Sciences with Daniel Kahneman "for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms".

Education and Work Experience

1955, Ph.D., Harvard University
1997-Present, President, International Foundation for Research in Experimental Economics
2001-2008, Professor of Economics and Law, George Mason University
2008-Present, Professor of Economics and Law, Chapman University

Honors and Awards

1988, Fellow of American Econometric Society
1991, Fellow of American Academy of Arts and Sciences
1995, Member of the United States National Academy of Sciences
2002, Nobel Prize in Economics

Major Academic Achievements

Developed methods for laboratory experiments in economics, which has helped our understanding of economic behavior.