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