Vernon Smith

Vernon L. Smith (born January 1, 1927) is a world-renowned American economist widely considered the “father of experimental economics”. In 2002, he was awarded the Nobel Memorial Prize in Economic Sciences (jointly with Daniel Kahneman) for establishing laboratory experiments as a vital tool in empirical economic analysis, particularly in evaluating alternative market mechanisms. Over a career spanning several decades, Smith revolutionized the field by testing economic theories using human subjects in controlled environments, providing foundational insights into capital theory, finance, and natural resource economics.