Vernon L. Smith Quotes

Vernon Lomax Smith is an American professor of economics and law at Chapman University's Argyros School of Business and Economics and School of Law in Orange, California, a former professor of economics and law at George Mason University, a board member of the Mercatus Center in Arlington, Virginia, and a founding board member of the Center for Growth and Opportunity at Utah State University.Smith shared the 2002 Nobel Memorial Prize in Economic Sciences with Daniel Kahneman.Smith is the founder and president of the International Foundation for Research in Experimental Economics, a Member of the Board of Advisors for The Independent Institute, a Senior Fellow at the Cato Institute in Washington D.C.. In 2004 Smith was honored with an honorary doctoral degree at Universidad Francisco Marroquín, the institution that named the Vernon Smith Center for Experimental Economics Research after him.

✵ 1. January 1927
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Famous Vernon L. Smith Quotes

“Three precepts are offered to constitute a foundation for the use of laboratory experimental methods in testing hypotheses about the behavior of allocation mechanisms.”

Source: "Relevance of laboratory experiments to testing resource allocation theory," 1980, p. 346.

Vernon L. Smith Quotes

“It is not possible to design a laboratory resource allocation experiment without designing an institution in all its detail.”

Source: "Microeconomic systems as an experimental science," 1982, p. 923.

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