Vernon Smith

Vernon L. Smith, George L. Argyros Chair in Finance and Economics and President,
International Foundation for Research in Experimental economics

He was awarded the Nobel Prize in Economics, 2002, for having established
laboratory experiments as a tool in empirical economic analysis, especially in the study of
alternative market mechanisms; has held appointments at Purdue University, Stanford, Brown, University of Massachusetts, USC, California Institute of Technology, U. of
Arizona, U. of Alaska-Anchorage, George Mason University, and Chapman University.
Professor Smith received his bachelor’s degree in Electrical Engineering from California
Institute of Technology (1949), his masters in Economics from the University of Kansas
(1951), and his Ph.D. in Economics from Harvard (1955). He has authored or co-
authored over 300 articles and books on capital theory, finance, natural resource
economics, experimental economics, the housing origins of economic instability, 1920-
2014, and in 2018, Humanomics, Cambridge press, with Bart Wilson.

Professor Smith is a Fellow of the Econometric Society, and the American
Association for the Advancement of Science. Purdue University awarded him an
Honorary Doctor of Management degree in 1989. He was elected member, National
Academy of Science, 1995. In 1996 he received Cal Tech’s Distinguished Alumni Award.
He became Kansan of the year (Topeka Gazette) in 2002, received a Distinguished
Alumni award from the University of Kansas in 2011 and in 2014 an Honorary Doctor of
Science degree. He has served on numerous editorial and editorial advisory boards, and
as president of several national economic associations. He has served as a consultant on
the liberalization of electric power in Australia and New Zealand, and has participated in
numerous private and public discussions of energy privatization and liberalization in the
United States and around the world. In 1997 he served as a Blue Ribbon Panel Member,
North American Electric Reliability Council.