Vernon L. Smith

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Vernon Smith

Vernon Lomax Smith (born January 1, 1927 in Wichita , Kansas , USA ) is an American economist. He is one of the most important representatives of experimental capital market research, a branch of research in experimental economics . In 2002 he received the Nobel Prize in Economics .

Life

Smith received his PhD from Harvard University , where Gottfried Haberler , a representative of the Austrian School , was teaching at the time. In the 1960s he began his work on economic laboratory experiments at Purdue University . From 1976 to 2002, Smith researched and taught at Eller College of Management , the business school of the University of Arizona . Smith is a Professor of Economics and Law at George Mason University .

From 1986 to 1987, Smith was founding president of the Economic Science Association . He was elected to the American Academy of Arts and Sciences in 1991 and the National Academy of Sciences in 1995 .

In 2002, Smith and Daniel Kahneman received the Swedish Reichsbank's Economics Prize in memory of Alfred Nobel .

to teach

Smith calls for the greatest possible freedom for business. In his opinion, this should also be expressed in the fact that neither corporate profits nor savings should be taxed.

Smith explains this in an interview with the Austrian daily Der Standard on September 26, 2005: “The money that a person saves is preserved for the economy, is invested and produces the growth of tomorrow. He only takes from society what he consumes, because no one else can then consume it. A person who is rich but doesn't spend much of it makes the rest work for you and me. In doing so, he helps to fight poverty. That may not be his intention, but he does it anyway. We should applaud him and not punish him. [...] Everything that flows into the company goes out again - to other companies, employees, creditors or shareholders. Everything goes to individuals. That is why you should only tax individuals - and only consumption. "

literature

  • Morris Altman: The Nobel Prize in behavioral and experimental economics: a contextual and critical appraisal of the contributions of Daniel Kahneman and Vernon Smith . In: Leading contemporary economists . Routledge, 2009, ISBN 978-0-415-77501-4 , pp. 164-205 .
  • Theodore C. Bergstrom: Vernon Smith's insomnia and the dawn of economics as experimental science . In: The Scandinavian journal of economics . tape 105 , 2003, ISSN  0347-0520 , p. 181-205 .
  • Peter Bofinger and Robert Schmidt: Nobel Prize in Economics 2002 to Daniel Kahneman and Vernon L. Smith . In: Economics Studies . tape 32 , 2003, ISSN  0340-1650 , p. 107-111 .
  • Gunduz Caginalp, Kevin McCabe and David Porter: The foundations of experimental economics and applications to behavioral finance: the contributions of Nobel Laureate Vernon Smith . In: The journal of behavioral finance . tape 4 , 2003, ISSN  1542-7560 , p. 3-6 .
  • Catherine C. Eckel: Vernon Smith: Economics as a laboratory science . In: The Journal of Socio-Economics . tape 33 , 2004, ISSN  1053-5357 , pp. 15-28 .
  • Kyu Sang Lee and Philip Mirowski : The energy behind Vernon Smith's experimental economics . In: Cambridge Journal of Economics . tape 32 , 2008, ISSN  0309-166X , p. 257-271 .
  • Jürgen Meyerhoff and Bodo Sturm: The importance of the work of Daniel Kahneman and Vernon L. Smith for environmental economics . In: Psychology and Environmental Economics . Metropolis, Marburg 2003, ISBN 3-89518-427-6 , pp. 85-110 .
  • Jean-Louis Rullière: D'Adam Smith à Vernon L. Smith: La main invisible observée à travers les comportements expérimentaux . In: Revue d'économie politique . tape 113 , 2003, ISSN  0373-2630 , p. 309-321 .
  • Dirk Schiereck : Behavioral Economics and Experimental Economic Research: To the Nobel Prize to Daniel Kahneman and Vernon Smith . In: Economic Service . tape 82 , 2002, ISSN  0043-6275 , p. 694-700 ( download, PDF, 433 kB ).

Web links

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