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ARLINGTON, VA (October 9, 2002) - The Royal Swedish Academy of Sciences announced today that Vernon Smith, Professor of Law and Economics at George Mason University, will receive the 2002 Nobel Prize in Economics. Smith will share the prize with Princeton psychology professor Daniel Kahneman.
According to the Academy, "Vernon Smith has laid the foundation for the field of experimental economics. He has developed an array of experimental methods, setting standards for what constitutes a reliable laboratory experiment in economics. In his own experimental work, he has demonstrated the importance of alternative market institutions, e.g., how the revenue expected by a seller depends on the choice of auction method. Smith has also spearheaded "wind-tunnel tests", where trials of new, alternative market designs - e.g., when deregulating electricity markets - are carried out in the lab before being implemented in practice. His work has been instrumental in establishing experiments as an essential tool in empirical economic analysis."
George Mason University School of Law Dean Mark Grady said, "We are honored to be the only law school in America with an active Nobel Prize winner on its faculty. Dr. Smith teaches a course to our law students on exchange institutions, such as stock markets, and the law."
The text of the Academy's press release, along with additional information about the Nobel laureates, is available at The Nobel Foundation web site.
George Mason University School of Law, located in Arlington, Virginia, two miles from Washington D.C., specializes in the interdisciplinary study of legal institutions with the tools and techniques of economics. It is ranked by U.S. News & World Report in the First Tier of American law schools, the youngest law school in this group. For more information about the law school, visit its web site.
Contact: Dean Mark F. Grady
Phone: (703) 993-8085
Fax: (703) 993-8058