Encourages deep understanding and curiosity.
Inspires curiosity and a love for knowledge.
Vernon L. Smith is Professor Emeritus of Economics and Law in the Department of Economics at George Mason University, where he served as Professor of Economics and Law from 2001 to 2008. He founded the Interdisciplinary Center for Economic Science (ICES) at the university and was a fellow of the Mercatus Center. Smith's academic journey began with a B.S. in electrical engineering from the California Institute of Technology in 1949, followed by an M.A. in economics from the University of Kansas and a Ph.D. in economics from Harvard University in 1955. Prior to joining George Mason, he held faculty appointments at Purdue University, Brown University, and the University of Arizona from 1976 to 2001. His research specializations include experimental economics and economic theory, areas in which he is recognized as the father of experimental economics for transforming the discipline into an empirical laboratory science.
In 2002, Smith received the Nobel Prize in Economic Sciences, shared with Daniel Kahneman, for establishing laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms and price formation. This pioneering work demonstrated the robustness of competitive markets and the effects of institutional rules on outcomes through controlled experiments. Key publications include his seminal paper 'An Experimental Study of Competitive Market Behavior' (1962) and the collection 'Papers in Experimental Economics' (1991), which compiled foundational studies from 1962 to 1988. Smith's contributions have profoundly influenced economic methodology, setting standards for experimental design and inspiring widespread adoption of lab-based research across social sciences. At George Mason University, part of the Business & Economics faculty, his legacy endures through ICES and ongoing seminars named in his honor.
