Phoenix, AZ-The Nobel Foundation announced today that George Mason University economist Vernon L. Smith will be awarded the 2002 Nobel Prize in Economics for his pioneering work in the field of Experimental Economics. Smith is a member of the Academic Advisory Council for the Goldwater Institute, a Phoenix-based free market think-tank.
Smith was awarded the Nobel Prize for "having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms." Smith is currently Professor of Economics and Law at George Mason University in Arlington, Virginia. He is also a research scholar for the Interdisciplinary Center for Economic Science and a fellow of the Mercatus Center, both in Arlington. He received a Ph.D. in Economics from Harvard and has written hundreds of articles and several books on capital theory, finance, natural resource economics and experimental economics. From 1975 to 2001, Vernon was a member of the faculty at the University of Arizona.
Goldwater economist Stephen Slivinski, who recently completed his Master's degree at George Mason University, was enthusiastic about the selection of Smith for the Nobel Prize. "Vernon Smith's work is groundbreaking. Experimental economics allows policymakers to test public policy options before putting them into practice. That means they can look before they leap. I hope more of them will start doing that."
To ensure the highest standards of scholarship, all papers published by the Goldwater Institute undergo an intense peer-review process including review by the Academic Advisory Committee, composed of distinguished scholars from across the country.
More information about Vernon Smith is available online at: http://www.gmu.edu/departments/economics/facultybios/smith.html
Members of the press can contact Smith at (703) 993-4850.