Everything about Vernon L Smith totally explained
Vernon Lomax Smith (born
January 1,
1927 in
Wichita, Kansas) is professor of
economics at
Chapman University School of Law and School of Business in Orange, California, a research scholar at
George Mason University Interdisciplinary Center for Economic Science, and a Fellow of the
Mercatus Center, all in
Arlington, Virginia. Smith shared the
2002 Nobel Memorial Prize in Economics with
Daniel Kahneman. He is the founder and president of the
International Foundation for Research in Experimental Economics
and an
Adjunct Scholar of the
Cato Institute in Washington, D.C.
An alumnus of
Wichita North High School and
Friends University, Smith received his bachelor's degree in
electrical engineering from
Caltech in
1949, an
M.A. in economics from the
University of Kansas in
1952, and his
Ph.D. in economics from
Harvard University in
1955; while at Harvard, Smith also took several courses taught at
MIT, serving as a cross-registered MIT student
(External Link).
Smith's first teaching post was at the
Krannert School of Management,
Purdue University, which he held from
1955 until
1967, attaining the rank of full professor. It was there that his work in
experimental economics began. As Smith describes it:
"In the Autumn semester, 1955, I taught Principles of Economics, and found it a challenge to convey basic microeconomic theory to students. Why/how could any market approximate a competitive equilibrium? I resolved that on the first day of class the following semester, I'd try running a market experiment that would give the students an opportunity to experience an actual market, and me the opportunity to observe one in which I knew, but they didn't know what were the alleged driving conditions of supply and demand in that market."
Smith also taught as a visiting associate professor at
Stanford University (
1961-
1962) and there made contact with
Sidney Siegel, who was also doing work in
experimental economics. Smith moved with his family to
Massachusetts and got a position first at
Brown University (
1967-
1968), then at the
University of Massachusetts (
1968-
1972). Smith also received appointments at the
Center for Advanced Study in the Behavioral Sciences (
1972-
1973) and
Caltech (
1973-
1975). He moved on to the
University of Arizona from
1976 until
2002, where he conducted research that later would earn him a
Nobel Prize. He has authored or co-authored over 200 articles and books on
capital theory,
finance,
natural resource economics and
experimental economics.
Smith was also one of the first to propose
combinatorial auction, with Stephen J. Rassenti and Robert L. Bulfin in 1982.
Smith serves or has served on the board of editors of the
American Economic Review,
The Cato Journal,
Journal of Economic Behavior and Organization, the
Journal of Risk and Uncertainty,
Science,
Economic Theory,
Economic Design,
Games and Economic Behavior, and the
Journal of Economic Methodology. He also served as an expert for the
Copenhagen Consensus.
Smith's papers have been published by Cambridge University Press:
Papers in Experimental Economics (1991) and
Bargaining and Market Behavior: Essays in Experimental Economics (2000).
In
February 2005 Smith spoke out publicly about his
Asperger's syndrome, which is part of the autistic spectrum.
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