"In the Autumn semester, 1955, I taught Principles of Economics, and found it a challenge to convey basic microeconomic theory to students. Why/how could any market approximate a competitive equilibrium? I resolved that on the first day of class the following semester, I would try running a market experiment that would give the students an opportunity to experience an actual market, and me the opportunity to observe one in which I knew, but they did not know what were the alleged driving conditions of supply and demand in that market"
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Nobel laureates from the United StatesHarvard University alumniEconomists from the United StatesNobel laureates in EconomicsPeople from Wichita
Original Language: English
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Vernon L. Smith (2002) in: "Vernon L. Smith - Biographical". Nobelprize.org. Nobel Media AB 2013. Web. 13 Jun 2014.
https://en.wikiquote.org/wiki/Vernon_L._Smith
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Vernon L. Smith
Vernon Lomax Smith (born on January 1, 1927) is an American economist, who with Daniel Kahneman was awarded the 2002 Nobel Memorial Prize in Economic Sciences "for having established laboratory experiments as a tool in empirical analysis, especially in the study of alternative market mechanisms."
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