Date of Birth: January 1, 1927
Zodiac Sign: Capricorn
Date of Death: (Leave blank as of current date)
Biography
Vernon L. Smith is an American economist renowned for his pioneering work in experimental economics. Born on January 1, 1927, in Wichita, Kansas, Smith’s early education took place in Kansas and later at the California Institute of Technology. He earned a Ph.D. in economics from Harvard University in 1955. Smith’s career is marked by his innovative use of laboratory experiments to study economic behavior, a field that was relatively unexplored before his contributions. Smith began his teaching career at Purdue University and later held positions at the University of Massachusetts, Amherst, and the University of Arizona. In 2002, he was awarded the Nobel Memorial Prize in Economic Sciences, shared with Daniel Kahneman, for his groundbreaking work in experimental economics. Smith’s research has delved into market mechanisms, auction theory, and the complexities of human decision-making. Apart from his academic career, Smith has been involved with various economic think tanks and has contributed significantly to policy discussions. He has authored several books and numerous articles, significantly influencing both theoretical and applied economics.
5 Interesting Facts about Vernon L. Smith
1. Vernon L. Smith shared the 2002 Nobel Memorial Prize in Economic Sciences with Daniel Kahneman.
2. He is considered one of the founding fathers of experimental economics.
3. Smith has held academic positions at several prestigious universities, including Purdue University and the University of Arizona.
4. He has published over 200 articles and books on various topics in economics.
5. Smith co-founded the International Foundation for Research in Experimental Economics (IFREE).
5 Most Interesting Quotes from Vernon L. Smith
1. “Markets are human constructs, and they are as natural as any other social institution.”
2. “We have to understand how people actually behave, not how we think they ought to behave.”
3. “Experimental economics provides a way to test economic theories in a controlled environment.”
4. “The beauty of economic experiments is that they can reveal the unexpected.”
5. “My work has always been driven by curiosity about how markets function.”
Highest Net Worth Achieved
The highest net worth achieved is estimated to be around $1-5 million.
Children
Vernon L. Smith has three children: a son and two daughters.
Relevant Links
2. [Wikipedia Page](https://en.wikipedia.org/wiki/Vernon_L._Smith
3. [Profile on Experimental Economics](https://www.econlib.org/library/Enc/bios/Smith.html
4. [University of Arizona Faculty Page](https://econ.arizona.edu/people/vernon-l-smith
5. [IFREE Foundation](https://ifreeweb.org/about-us/our-founders/vernon-l-smith/
