Photo from the Nobel Foundation archive.
Vernon L. Smith
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
See the list of all Nobel Prizes, awarded for "the greatest benefit to mankind."
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