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Vernon L. Smith BSEE, Ph.D.[Economics]

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2002
Nobel co-recipient Daniel Kahneman

Electrical Engineer, Experimental Economist. Founder, International Foundation for Research in Experimental Economics; Founder Economic Science Institute at Chapman University.

"... If I am ever reborn, I hope to be a madman yet again ..."


Research Grants


Ph.D. Harvard University 1955
M.A. University of Kansas 1952
B.S.E.E. California Institute of Technology 1949


Professor of Economics and Law 2008-Present George L. Argyros Endowed Chair in Finance and Economics Chapman University
Professor of Economics and Law 2001 - 2008 George Mason University
Visiting Rasmuson Chair in Economics 2003-Present University of Alaska-Anchorage
McClelland/Regents' Professor of Economics 1998 - 2001 University of Arizona
Hooker Distinguished Visiting Professor October 4 - 8, 1988 McMaster University
Research Director 1986-2001 Economic Science Laboratory
Professor of Economics 1975-2001 University of Arizona
Visiting Professor 1974-1975 USC and Cal Tech
Professor of Economics 1968-1975 University of Massachusetts
Professor of Economics 1967-1968 Brown University
Professor/Krannert Outstanding Professorship 1961-1967 Purdue University
Visiting Professor 1961-1962 Stanford University
Associate Professor 1958-1961 Purdue University
Assistant Professor 1955-1958 Purdue University
Instructor of Economics 1951-1952 University of Kansas


Advisory Board Member Mobile Media Entertainment 2013 - Present
Board of Directors and Scholar 2001 - Present Mercatus Center at George Mason University
Board of Directors 1998 - Present Political Economy Research Center
President 1997 - Present International Foundation for Research in Experimental Economics
Member 1995-Present National Academy of Science Blue Ribbon Panel
Member July - December 1997 National Electric Reliability Council, Princeton, NJ
Visiting Distinguish Lecturer May 1997 University of California, Santa Barbara
Templeton Honor Rolls for Education in a Free Society May 1997 Intercollegiate Studies Institute
President 1997 Association for Private Enterprise Education
President Elect 1996 Association for Private Enterprise Education
Selection Committee 1993-1996 Frank E. Seidman Distinguished Award in Political Economy
Associate Member 1995 Center for Economic Design, Bogazici University
Editorial Board 1995 Journal of Economic Methodology
Editorial Board 1994 Economic Design
Academic Advisory Council 1993 Institute of Economic Affairs, London, U.K.
Consultant and Lecturer on Privatizing Electric Power August - September 1993
Prospect Electricity, Paramatta, NSW, Australia
Editorial Board 1992 Economic Theory
President 1990 -1991 Western Economic Association
President Elect 1989 -1990 Western Economic Association
Vice President 1988 -1989 Western Economic Association
Board of Reviewing Editors 1988 -1991 Science
President 1988 -1990 Public Choice Society
Vice President 1987-1989 Economic Science Association
Founding President 1986 -1987 Economic Science Association
Vice President 1985 -1986 Southern Economic Association
Associate Editor 1985 Journal of Economic Behavior and Organization
Mackintosh Lecturer November 8, 1984-85 Queen's University
Adjunct Scholar 1983 Cato Institute
Editorial Board 1983 The Cato Journal
Advisory Council 1982 Political Economy Research Center, Bozeman, Montana
Board Member of the Advisory Council 1974 -1975 Institute of Marine Resources, University of California
Sherman Fairchild Distinguished Scholar 1973 -1974 Cal Tech
Board of Editors 1969 -1972 American Economic Review
Faculty Research Fellow 1958 -1959 Ford Foundation
Contributing Editor 1957-1962 Business Scope
Research Consultant 1957-1959 RAND Corporation
Member of Management Sciences Research Group 1955 -1956 Purdue University


Honorary Doctor of Science May 2014 University of Kansas
Thinker Award Texas Tech University February 2014
Miembro Academico Honorario Universidad Adolfo Ibanez - Chile September 2012
Alumni Distinguished Achievement Award College of Liberal Arts & Sciences (CLAS) University of Kansas April 2011
Liberalni Institute - Annual award in the proliferation of classical liberal thinking and making ideas of liberty come true February 2010
Smith Experimental Economics Research Center (SEERC) July 20, 2009 Shanghai Jiao tong University
Friedrich-August-von-Hayek-Gesellschaft e.V. Award June 2008
Vernon Smith Experimental Economics Laboratory January 22, 2003 Purdue University
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2002
Kansan of the Year December 2002 Topeka Gazette
Distinguished Alumni Award May 18, 1996 California Institute of Technology
Adam Smith Award 1995 Association of Private Enterprise Education
Best Economic Inquiry Article 1993 Western Economic Association
Professor of the Year 1993 Anderson Consulting
Distinguished Fellow 1992 American Economic Association
Visiting Distinguished Lecturer February 5, 1992 Western Michigan University
Honorary Doctor of Management 1989 Purdue University
Best Economic Inquiry Article 1980, 1982 Western Economic Association


Lindau Nobel Conference 2014
Society for the Advancement of Behavioral Economics 2014
Califnornia Finance Association 2014
Research Affiliates 2014
Texas Tech University-"Rethinking Housing Bubbles, 1929-2012, 2014
Graduate Visiting Workshop in Experimental Economics 2014
James Madison University - Lecture - "Adam Smith's Humanomics: From Propriety and Sentiments to Property and Wealth" - Harrisonburg, VA 2013
Utah State University - Distinguished Lecture - "Understanding Recessions Since 1929: Housing and Housing Up and Down" - Price, UT 2013
Liberty Fund Conference - "Spontaneous Orders and Experimental Economics" Orange, CA 2013
Texas A&M University Institute for Advance Study Eminent Scholar - Present Research Seminar and Public Lecture - College Station, TX 2013
The Norwegian Ministry of Finance - Speaker - "Balance Sheet Crises and Recessions: Causes, Consequences and Responses" and "Understanding Balance Sheet Crises and Recessions: Some Learning from Experiments" - Oslo, Norway 2013
Texas A&M University Institute for Advance Study Eminent Scholar - Present Research Seminar and Public Lecture - College Station, TX 2013
Public Choice Society Conference - Plenary Chair on Experimental Economics - New Orleans 2013
Japanese Society for the Promotion of Science US Alumni Association - Third Multi-Disciplinary science forum - Keynote speaker - "Adam Smith: From Propriety and Sentiments to Property and Wealth" - Chapman University, Orange, CA 2013
CATO Benefactor Summit - Speaker - "Understanding the Housing Mortgage Market Boom and Bust, 1997 to 2012" - Scottsdale, AZ 2013
FCC Conference - Stanford University 2013
Reason Trustee Meeting - Speaker - background on "Balance Sheet Economic Crisis" - Las Vegas, NV 2013
Antigua Forum - Guatemala 2013
American Economic Association - Speaker - "From Propriety and Sentiments To Property and Wealth" - Panel Member - "New (and Old) Perspectives on the Work of Adam Smith" - San Diego, CA 2013
ESA Conference - Panel Member - "50th Year of Experimental Economics" - Tucson, AZ 2012
CATO Monetary Conference - Keynote speaker - "Balance Sheet Crisis: Causes Consequences and Responses"- Washington DC 2012
Antigua Experimental Economics Conference - Keynote speaker - "Humanomics of Adam Smith" - Guatemala 2012
Honorary Fellow Distinction Lecture - "Balance Sheet Crisis: Causes, Consequences and Response Scenarios" - Chile 2012
Liberty Fund Conference - "Morals and Markets: Adam Smith in Scotland" - Edinburg, Scotland, UK 2012
Plenary Session Lecture for Adam Smith Colloquium "Humanomics of Adam Smith" - Kircaldy, Scotland, UK 2012
Conference for chapter contributors to the Oxford Philosophical Concepts Volume on Sympathy - University of Richmond, Richmond, VA 2012
Liberty Fund Conference - "The Bloomington School, the New Science and Art of Association, and Cultivating Self-governing Citizens" - Bloomington, IL 2012
Liberty Fund Conference - "Adam Smith's The Theory of Moral Sentiments" - Chicago, IL 2012
Copenhagen Consensus and Rush Foundation - RethinkHIV - Expert Panel Member to identify a set of new actionable priorities for HIV/AIDS spending in Africa, Denmark 2012
Antigua Forum - A project of the Universidad Francisco Marroquin that promotes market-liberal reform in order to improve human well-being by serving as a "place of learning." 2012
The Latin American and Caribbean Economic Association and Latin American Chapter of the Econometric Society joint Meeting - Special Session Speaker - "Recent Developments in Experimental Economics" - Chile 2011
Nicholas Academic Center - Present Introduction to Experimental Economics to students - Santa Ana, CA 2011
Liberty Fund Conference - Spontaneous Orders and Experimental Economics - Orange, CA 2011
Institute Bruno Leoni - Experimental Economics and Spontaneous Order - Seminar for Ph.D. students Directed by Vernon Smith - Lecture "Two Forms of Rationality", Q&A session and Conclusive lecture "Using Experimental
Economics to Inform Policy Decision Making" - Turin, Italy 2011
Copenhagen Consensus - Meeting to discuss 'Assessment papers' submitted for HIV/AIDS Solution, Washington DC 2011
UCLA Anderson School of Management - Keynote Speaker - "Adam Smith on Propriety and Human Behavior" 2011
Hong Kong - Addressed several audiences of students, faculties, and a gala event celebrating entrepreneurship and freedom in Hong Kong 2011
Stanford University - Plenary Speaker - Palo Alto, CA 2011
Meeting with the Chinese Delegation on behalf of ESI/Chapman 2011
Liberty Fund Conference - Liberty, Institutional Size, and "Too Big to Fail" - Park City, UT 2011
AEA National Conference on Teaching Economics - Plenary Speaker - Bringing Experiments and the Scottish Enlightenment into the Classroom - Palo Alto, CA 2011
Pharmaceutical Economics and Policy Council - Conference Participant - Jacksonville, FL 2011
Liberty Fund Conference - Hayek and the Problem of Scientific Knowledge - Tucson, AZ 2011
Greater Los Angeles Chamber of Commerce - Plenary Speaker on key economic challenges in the U.S. and the world - Attended by Chamber senior officers and members, officers of the Los Angeles Guangzhou Sister City Association and the Hong Kong Association of Southern California - Los Angeles, CA 2011
Reason Weekend - Speaker - "Discovering Exchange, Specialization, and Property" (represented ESI, Chapman to Reason Foundation Trustees, and Reason Supporters) - Laguna Niguel, CA 2011
UAA - Speaker - "Electric Power: Early History and Industry Push for Regulation" - Conduct experiment for 4th grade Class - Q&A with macroeconomic classes - Meeting with energy and economics class to discuss Electric Power: Early History and Industry Push for Regulation - Anchorage, AK 2011
March 10-12: Liberty Fund in Los Angeles: Interpreting the Great Depression 2011
Alamos Alliance XVIII - Speaker - "Markets, Experiments, and Financial Crises" - Alamos, Sonora, Mexico 2011
Public Lecture for the Polish Financial Supervision Authority on "Housing, Recessions, and Sustaining Wealth Creation" - Warsaw, Poland 2010
Plenary session speaker on the Housing Bubble and Crash that Engulfed the World Economy: Causal Similarities with the 1920's and Aftermath - Guatemala City, Guatemala 2010
University of Indiana - Public Lecture on the housing crisis and the economy. "Sustaining Wealth Creation: Housing and Economic Recessions" - Bloomington, IN 2010
Seminar on Financial Asset Markets for academics, government and city Officials in Antigua, Guatemala 2010
Festival of Economics keynote speaker - Trento, Italy 2010
Introducing Cambridge University Press Italian Translation of Book, Italian press interviews - Milan, Italy 2010
Witness Seminar - The Emergence and Evolution of Experimental Economics - Trippenhuis, Amsterdam 2010
Liberty Fund Conference - Exchange - Indianapolis, IN 2010
The Uses of Economics: Past and Future, a celebration of the 40th Anniversary of the Journal of History and Political Economy, talk/article title: "Exchange, Specialization and Property: A Simultaneous Discovery Process" - Duke University, Durham, NC 2010
CERGE-EI Seminar - Lecture on latest experiment work at Chapman; visit Of Laboratory of Experimental Economics; media interview; annual lecture of The Liberalni Institute. 2010
School of Economics - Fu Dan University - Informal lecture Jiao Tong University - Presentation on the latest work on financial crisis 2010
Nicholas Academic Center - Present Introduction to Experimental Economics to students - Santa Ana, CA 2010
Liberty Fund Conference - Markets, Ethics, and the Evolution of a Moral Society - Indianapolis, IN 2010
Coase Conference - Plenary session speaker - Chicago, IL 2009
Liberty Fund Conference - Mechanism Design and Hayek's Challenge for a Liberal Economic Order - La Jolla, CA 2009
Liberty Fund Conference - Spontaneous Orders and Experimental Economics - Chapman University, Orange, CA 2009
Expert Panel Copenhagen Consensus (Climate Change) Roundtable Meeting Georgetown University - Washington, DC 2009
Liberty Fund Conference - Commerce Civilization and Liberty - Montreal Canada 2009
Economic Crisis - Two Presentations - Anchorage, Alaska 2009
Plenary Session Speaker on Specialization, Property Rights and Exchange with Bart Wilson - ESA Conference - Washington DC 2009
Plenary Session Speaker by Conference Phone on the Economic Crisis With Steven Gjerstad - Gruter Conference - Bloomington, In 2009
Uses of Behavioral and Experimental Economics - Plenary Session Speaker on Bubble Behavior and the Economic Crisis - Washington 2009
Readings in Political Economy - Lecture - Macon, GA 2009
Liberty Fund Conference - Religion, Ideology and the Moral Sentiments - La Jolla, CA 2009
University of South Florida - Tampa, FL 2009
Meeting of Economists on the Economic Crisis - Richmond, VA 2009
"Theory of Moral Sentiments After 250 Years" - San Francisco, CA 2008
Liberty Fund Conference- Liberty and the Limits of Constructivist Rationality 2008
Instituto Bruno Leoni - Conference Speaker - Italy 2008
"What Would Friedman Do?" - Panel Member - Chapman University 2008
Keynote Speaker - Town and Gown, Chapman University 2008
Liberty Fund Conference- Science, Global Warming and Liberty- 2008 Big Sky, MT
"Aims of Education" - Keynote Speaker - Opening Convocation 2008 Chapman University
"What Would Friedman Do?" - Panel Member - Chapman University 2008
Keynote Speaker - Town and Gown, Chapman University 2008
"Aims of Education" - Keynote Speaker - Opening Convocation 2008 Chapman University
"Neuroeconomics: How Can It Help Us Understand Exchange Systems?" 2007 Decade of the Mind Symposium, George Mason University-Fairfax, VA. Available online at: http://www.gmu.edu/thinklearn/decade/video6.html
"Human Betterment through Globalization" 2005 Foundation for Economic Education Available online at: http://cafehayek.typepad.com/hayek/2006/07/vernon_smith_on.html
Arne Ryde Symposium Keynote Address 2000 Lund, Sweden
Symposium Series: "Reciprocity, an FMRI Study" 2000 Dartmouth College Center for Cognitive Neuroscience 40th Gilbert Lecture: "Testing for Reciprocity in Exchange" September 18, 2000 University of Rochester
"How Might Future Water Markets Look? June 25-27, 1998 The Use of Experimental Economics to Design Markets for Water" with Dinar, A., Howitt, R.E., Murphy, J.J., and Rassenti, S.J. World Congress of Resource and Environmental Economists Venice, Italy
"The Development of Computer-Assisted Water Markets: April 9-10, 1998 Using Experimental Economics to Address Complex Resource Allocation Issues," with Dinar, A., Howitt, R.E., Murphy, J.J., and Rassenti, S.J. Human Dimensions of Global Climate Change Initiative meetings Pittsburgh, PA


Economics Research Project 1954-1955 University of Harvard


C.S. First Boston Fellow/Consultant on Privatizing Electric Power July 6-August16, 1991
University of Victoria, New Zealand Fellow 1991
American Academy of Arts and Sciences Fellow 1990
American Association for the Advancement of Science Fellow 1988
Econometric Society Fellow 1972 -1973
Center for Advanced Study in the Behavioral Sciences Visiting Fellow Spring of 1971 Cowles Foundation, Yale


Dreman Foundation 1995 -1996
Institute for Quantitative Research in Finance 1992
Chicago Mercantile Exchange 1987 - 1989
Energy Information Administration 1987
Federal Energy Regulatory Commission 1987
Sloan Foundation 1986 - 1987
Arizona Corporation Commission 1984
Federal Trade Commission 1983 - 1984
Earhart Foundation 1982 - 1983
National Science Foundation: 1962-64, 1964-66, 1967-68, 1968-70, 1971-73, 1973-74, 1975-76, 1977-80, 1981-84, 1984-88, 1989-91, 1990-93, 1991-93, 1992-94, 1993-94, 1995-1997, 1995-2000, 2001-2003.

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Photo: Courtesy Dr. Vernon Smith. Painting Tim Tompkins - PaintHistory.com

Name: Vernon Lomax Smith
Birth: 1 January 1927, Wichita, KS, USA
Institution: George Mason University, Fairfax, VA, USA
Award: for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms.
Subject: economic psychology, experimental economics
Portion of cash: 1/2
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