File:Vernon_L._Smith_2011.jpg · Wikimedia Commons · See Wikimedia Commons
OverviewAI-generated
Vernon Lomax Smith is an American economist and university teacher born in Wichita in 1927. He holds a doctorate and has been employed by Brown University, Purdue University, Stanford University, and George Mason University. Smith is a member of the National Academy of Sciences, the American Academy of Arts and Sciences, and the Econometric Society.
He received the Prize in Economic Sciences in Memory of Alfred Nobel. His academic work includes titles such as *A theoretical and empirical inquiry into the economic replacement of capital equipment*, *Effect of market organization on competitive equilibrium*, *Adam Smith's Theory of Society*, *The Law and Economics of Irrational Behavior*, and *Economics of Natural Resources and Environmental Resources*.
Smith was educated at the University of Kansas, the University of Massachusetts Amherst, the California Institute of Technology, and Harvard University. His doctoral advisor was Wassily Leontief.
Synthesized by Vinony from 31 facts across 7 sources: Wikidata, Crossref, Open Library, Last.fm, Nobel Prize, Vinony collections, Vinony graph. Generated from structured data (not the Wikipedia text) and checked against those facts — may still contain errors.
Person · Open Library
- Works
- 24
Top works
- A theoretical and empirical inquiry into the economic replacement of capital equipment
- Effect of market organization on competitive equilibrium
- Adam Smith's Theory of Society
- The Law and Economics of Irrational Behavior
- Economics of Natural Resources and Environmental Resources
via Open Library + Wikidata
Listeners · Last.fm
- Listeners
- 2
- Total plays
- 3
<a href="https://www.last.fm/music/Vernon+L.+Smith">Read more on Last.fm</a>
Recent publications · Crossref
5 total works indexed
- Bias in meta-analysis detected by a simple, graphical test
· 1997 · cited 48,614x
- Colorimetric Method for Determination of Sugars and Related Substances
· 1956 · cited 42,283x
- SciPy 1.0: fundamental algorithms for scientific computing in Python
· 2020 · cited 36,397x
- GROMACS: High performance molecular simulations through multi-level parallelism from laptops to supercomputers
· 2015 · cited 25,268x
- Array programming with NumPy
· 2020 · cited 23,379x
via Crossref · CC0
Quotes
- “Even though Hayek, in my view, is the leading economic thinker of the 20th century who saw what must be the mainsprings of the extended order, Mises was the choice technician, and no one was better at articulating the primacy of the individual and the need to define and nurture individual rights.”
- “It is important to remove artificial barriers–stumbling stones, often local in origin and coming from incumbent opposition to entry–and to not burden businesses with taxes that reduce their internally generated funds for reinvestment, growth and striving to overcome market challenges.”
- “Three precepts are offered to constitute a foundation for the use of laboratory experimental methods in testing hypotheses about the behavior of allocation mechanisms.”
- “Nonsatiation (Smith, 1976a). Given a costless choice be ween two alternatives which differ only in that the first yields more of the reward medium (e.g., currency) than the second, the first will always be chosen (preferred) over the second by an autonomous individual, i.e., utility U(M) is a monotone increasing function of the reward medium.”
- “Complexity. In general individual decision makers must be assumed to have multidimensional values which attach nonmonetary subjective cost or value to (1) the process of making and executing individual or group decisions, (2) the end result of such decisions, and (3) the rewards (and perhaps behavior) of other individuals involved in the decision process.”
- “Parallelism: Propositions about the behavior of individuals and the performance of institutions that have been tested in laboratory microeconomies apply also to nonlaboratory environments where similar ceteris paribus conditions prevail.”
via Wikiquote · CC BY-SA
Key facts
- Born
- Vernon Lomax Smith , ( 1927-01-01 ) January 1, 1927 (age 99) , Wichita, Kansas , U.S.
- Education
- California Institute of Technology ( BS ), University of Kansas ( MA ), Harvard University ( PhD )
- Thesis
- A theoretical and empirical inquiry into the economic replacement of capital equipment (1955)
- Doctoral advisor
- Wassily Leontief
- Influences
- Friedrich Hayek , Richard S. Howey
- Discipline
- Experimental economics
- School or tradition
- New classical economics
- Notable ideas
- Combinatorial auction , Experimental economics
- Awards
- Nobel Memorial Prize in Economic Sciences (2002)
- Website
- Information at IDEAS / RePEc
via Wikipedia infobox
Nobel Prize
- The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel2002
“for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms”
Shared · 1/2 portion
~13 min read
Encyclopedic overview
Vernon Lomax Smith (born January 1, 1927) is an American economist who is currently a professor of economics and law at Chapman University. He was formerly the McLellan/Regent's Professor of Economics at the University of Arizona, a professor of economics and law at George Mason University, and a board member of the Mercatus Center. Along with Daniel Kahneman, Smith won the 2002 Nobel Memorial Prize in Economic Sciences for his contributions to behavioral economics and his work in the field of experimental economics, which helped establish "laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms."
Smith is the founder and president of the International Foundation for Research in Experimental Economics (IFREEE), a member of the Independent Institute’s board of advisors, and a senior fellow at the Cato Institute in Washington D.C. He was elected a Fellow of the Econometric Society in 1987, and was elected to the National Academy of Sciences in 1995. In 2004, Smith was awarded an honorary doctorate by the Universidad Francisco Marroquín, where the Vernon Smith Center for Experimental Economics Research is named for him. He was also a founding board member of the Center for Growth and Opportunity at Utah State University. As of 2023, Smith also sits on the advisory board of the Madden Center for Value Creation at Florida Atlantic University.
Excerpted from Wikipedia’s “Vernon L. Smith” article, available under the CC BY-SA 4.0 licence.