Vernon L. Smith (1927- )

Awarded the Prize “for his having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms.”

Vernon L. Smith is an American Economist born on January 1, 1927 at Wichita of Kansas, USA. He gained his degree at Kansas University in 1952 Ph.D. at Harvard University in 1955. Currently, he is the professor of Economics & Law in George Mason University of America.
Major Works:
Laboratory Research on Competitive Market Behavior (1962); The Principle of Unanimity Voluntary Consent in Social Choice (1977); Preference, Property Rights, Anonymity in Bargaining Games (1994); Experimental Economics: Induced Value Theory (1976)