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Vernon L. Smith

is Professor of Economics and Law and concurrently the George L. Argyros Endowed Chair in Finance and Economics at the Argyros School of Business and Economicsat Chapman University. He pioneered the field of experimental economics, which revolutionized economic theory and for which he won the Nobel Prize in Economics in 2002. His ideas serve as the pedagogical underpinning of the Economic Science Institute at Chapman University, which he helps to run. Dr Smith is the author or coauthor of more than 300 articles and books on topics such as finance and capital theory.

He has held positions at Purdue University, University of Arizona, Brown University, University of Massachusetts, and George Mason University and has been president of the Public Choice Society, the Economic Science Association, the Western Economic Association, and the Association for Private Enterprise Education. Dr Smith has also been a Ford Foundation Fellow, a Fellow of the Center for Advanced Study in the Behavioral Sciences, and a Sherman Fairchild Distinguished Scholar at the California Institute of Technology. He serves on the board of editors for numerous journals, including American Economic Review and The Cato Journal.

He has been a Distinguished Fellow of the American Economic Association, was the recipient of the 1995 Adam Smith Award given by the Association for Private Enterprise Education, and was elected to the national Academy of Sciences in 1995. Complementary to Dr Smith’s inimitable scholarly career has been his commitment to new forms of pedagogy. Experimental economics as fashioned by Dr Smith in the Economic Science Institute encourages new forms of participation in a difficult field, promoting critical thinking among its students and promising to build up a new generation of economically-informed young minds.


Education and conversation free from censorship, cynicism, and corruption matter. Ralston College is a place for them to happen, for human flourishing and building anew.

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