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Vernon L. Smith
<html> <head> <title>Vernon L. Smith</title> <meta name="googlebot" content="noodp"> <meta name="robots" content="noodp"> <link rel="apple-touch-icon-precomposed" href="/silly-nndb-icon.png" /><style type="text/css"> <!-- .fotmbar { color: #FFFFFF; text-decoration: none} .fotmbar:hover { color: #FFFFFF; text-decoration: underline} .newslink { color: #000000; text-decoration: none} .newslink:hover { color: #000000; text-decoration: none} .proflink { color: #000000; text-decoration: none} .proflink:hover { color: blue; text-decoration: underline} .b1f, .b2f, .b3f, .b4f {font-size:1px; overflow:hidden; display:block;} .b1f {height:1px; background:#e6e6e6; margin:0 5px;} .b2f {height:1px; background:#e6e6e6; margin:0 3px;} .b3f {height:1px; background:#e6e6e6; margin:0 2px;} .b4f {height:2px; background:#e6e6e6; margin:0 1px;} .contentf {background: #e6e6e6; padding: 2px; } .contentf div {margin-left: 5px;} --> </style></head> <body bgcolor=#ffffff> <center> <table cellpadding=0 cellspacing=0 border=0><tr><td valign=top><table width=550 cellpadding=0 cellspacing=0><tr><td bgcolor=white><table width="100%" cellpadding="4" cellspacing="0" background="/nndb.gif"> <tr> <td rowspan="2" align="left" valign="top"><a href="http://www.nndb.com/"><img src="/title.gif" width="260" height="50" border=0 alt="NNDB"></a></td> <td><table width="100%" cellspacing="0" cellpadding="6"> <tr align="center"> <td width="25%" nowrap><b><font size="-1" face="Verdana, Arial, Helvetica, sans-serif">This is a beta version of NNDB</font></b></td> </tr> </table></td> </tr> <tr> <td align="right" valign="middle"><b><font size="-1" face="Verdana, Arial, Helvetica, sans-serif"> <form action="http://search.nndb.com/search/nndb.cgi" method="get"> <input type="hidden" name="nndb" value="1"></input> <nobr>Search: <select name="omenu"> <option value="unspecified" selected>All Names</option> <option value="living">Living people</option> <option value="dead">Dead people</option> <option value="bands">Band Names</option> <option value="books">Book Titles</option> <option value="movies">Movie Titles</option> <option value="fulltext">Full Text</option> </select> for <input name="query" value="" size=24 maxlength=96> <input type=submit value="Search"> </font></b></nobr></form></td> </tr> </table> <!-- COPYRIGHT (C) 2008 SOYLENT COMMUNICATIONS --> <!-- ALL RIGHTS RESERVED --> <!-- NO PART OF THIS WEBSITE MAY BE REPRODUCED WITHOUT WRITTEN PERMISSION --> <!-- OF SOYLENT COMMUNICATIONS (ON THE WEB, IN PRINT, OR OTHERWISE) --> <!-- --> <!-- SOYLENT COMMUNICATIONS --> <!-- PO BOX 4436, MOUNTAIN VIEW CA 94040 USA --> </td></tr><tr><td bgcolor=red height=2></td></tr><map name=fool><area coords="102,0,240,14" href="/people/332/000140909/bibliography/" alt="bibliography"></map><tr bgcolor=F0F0F0><td bgcolor=F0F0F0 style="padding: 0px 15px 15px 15px;"><img src="/red-profile-2.gif" align="right" height=15 width=240 border=0 usemap=#fool><br clear="all"><table cellpadding=0 cellspacing=0 width=100%><tr><td bgcolor=F0F0F0><font size=+3 face="Verdana, Arial, Helvetica, sans-serif"><b>Vernon L. Smith</b></font><p><b>AKA</b> Vernon Lomax Smith<p><b>Born:</b> <a href="/lists/518/000106200/" class=proflink>1-Jan</a>-<a href="/lists/926/000105611/" class=proflink>1927</a><br><b>Birthplace:</b> <a href="/geo/777/000069570/" class=proflink>Wichita, KS</a><br><p><b>Gender:</b> Male<br><b>Race or Ethnicity:</b> White<br><b>Sexual orientation:</b> Straight<br><b>Occupation:</b> <a href="/lists/181/000068974/" class=proflink>Economist</a><p><b>Nationality:</b> United States<br><b>Executive summary:</b> Experimental economics<p>Vernon L. Smith won the Nobel Prize in Economics in 2002, sharing it with psychologist <a href="/people/316/000140893/">Daniel Kahneman</a>. Smith's research involved "perfect competition", finding the theoretical equilibrium or acceptable market price, and "wind-tunnel tests" for market research prior to product release, as well as capital theory, experimental economics, finance, and natural resource economics. He has said he was raised a socialist, but now thinks of himself as a libertarian. He founded and still serves as President of the International Foundation for Research in Experimental Economics.<p> <p><b>Father:</b> Vernon Chessman Smith (oil equipment machinist, b. 1880, d. 1954)<br><b>Mother:</b> Lulu Belle Lomax Bougher (shoe saleswoman, b. 1896, d. 1957, two half-sisters)<br><b>Wife:</b> Joyce Harkleroad (Unitarian minister, m. 1950, three children)<br><b>Daughter:</b> Deborah (b. 1951, twin)<br><b>Son:</b> Eric (b. 1951, twin)<br><b>Daughter:</b> Torrie (b. 1955)<br><p> High School: North High School, Wichita, KS (1944)<br> University: Friends University Wichita (attended 1944-45)<br> University: <a href="/edu/584/000082338/">BS Electrical Engineering, California Institute of Technology (1949)</a><br> University: <a href="/edu/550/000068346/">MA Economics, University of Kansas (1952)</a><br> University: <a href="/edu/473/000068269/">PhD Economics, Harvard University (1955)</a><br> Teacher: <a href="/edu/513/000068309/">Economics, Purdue University (1955-67)</a><br> Teacher: <a href="/edu/468/000068264/">Economics, Stanford University (1961-62)</a><br> Professor: <a href="/edu/519/000068315/">Economics, Brown University (1967-68)</a><br> Professor: <a href="/edu/753/000068549/">Economics, University of Massachusetts (1968-72)</a><br> Professor: <a href="/edu/584/000082338/">Economics, California Institute of Technology (1973-75)</a><br> Professor: <a href="/edu/761/000068557/">Economics, University of Arizona (1975-2001)</a><br> Professor: <a href="/edu/663/000079426/">Economics, George Mason University (2001-)</a><br> Professor: <a href="/edu/045/000079805/">Economics and Law, Chapman University</a><br><p> <a href="/company/254/000044122/">Boeing</a> Weapons testing (1943-44)<br> <a href="/org/059/000103747/">American Economic Association</a> <br> <u>Association for Private Enterprise Education</u> <br> <u>Center for Advanced Study in the Behavioral Sciences</u> Fellow<br> <u>Economic Science Association</u> <br> <a href="/org/264/000053105/">Mercatus Center</a> Board of Directors<br> <a href="/org/930/000102624/">Mont Pelerin Society</a> <br> <a href="/org/692/000054530/">National Academy of Sciences</a> 1995<br> <a href="/org/022/000124647/">North American Electric Reliability Council</a> <br> <u>Public Choice Society</u> <br> <a href="/org/242/000162753/">Virginia Institute of Public Policy</a> <br> <a href="/org/244/000116893/">Western Economic Association</a> <br> <a href="/honors/240/000116889/">Ford Fellowship</a> <br> <a href="/honors/183/000067979/">Nobel Prize for Economics</a> 2002 (with <a href="/people/316/000140893/">Daniel Kahneman</a>)<br><p> <b>Official Website:</b><br><a href="http://www.ices-gmu.net/people.php/79151.html" target=_blank>http://www.ices-gmu.net/people.php/79151.html</a><p> <b>Author of books:</b><br> <i>Investment and Production</i> (<tt>1961</tt>)<br><i>Economics of Natural and Environmental Resources</i> (<tt>1977</tt>)<br><i>Papers in Experimental Economics</i> (<tt>1991</tt>)<br><i>Experiments in Decision, Organization and Exchange</i> (<tt>1993</tt>, with Richard H. Day)<br><i>Bargaining and Market Behavior: Essays in Experimental Economics</i> (<tt>2000</tt>)<br><i>Experimental Economics: How We Can Build Better Financial Markets</i> (<tt>2002</tt>, with Ross M. Miller)<br><i>The Law and Economics of Irrational Behavior</i> (<tt>2005</tt>, with Francesco Parisi)<br><p> <br> <p> <table> <tr> <td align=right valign=middle style="padding-right: 5px;"><span style="font-family: Georgia, serif; font-size: 22px; font-style: italic; color: #ff3333;">New!</span><br> <a href="http://mapper.nndb.com/" class="fotmlink" style="font-family: Tahoma, sans-serif; font-size: 10px; font-weight: bold; text-decoration: none; color: #dd0000;">NNDB MAPPER</a></td> <td valign=middle align=right style="border-left: 1px solid #bbb; padding-left: 5px;">Create a map starting with</td> <td valign=middle align=right><a href="http://mapper.nndb.com/start/?id=140909"><img src="/man.gif" border=0 style="padding: 2px;"></a></td> <td align=left valign=middle> <a href="http://mapper.nndb.com/start/?id=140909">Vernon L. 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