Vernon L. Smith
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2002
Born: 1 January 1927, Wichita, KS, USA
Affiliation at the time of the award: George Mason University, Fairfax, VA, USA
Prize motivation: "for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms."
Contribution: Developed methods for laboratory experiments in economics, which has helped our understanding of economic behavior.
Prize share: 1/2
Their work and discoveries range from the formation of black holes and genetic scissors to efforts to combat hunger and develop new auction formats.
See them all presented here.