Abstract
Vernon Lomax Smith shared the 2002 Nobel Prize in Economics for his contributions to the development of experimental economics. Among his insights is the idea that ‘institutions matter’: trading institutions affect the efficiency of a market, and the optimal institution depends on the market context. He has made important contributions to market and institutional design, public goods, bargaining, experimental methodology and the philosophy of science.
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Eckel, C.C. (2018). Smith, Vernon (Born 1927). In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_2358
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DOI: https://doi.org/10.1057/978-1-349-95189-5_2358
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Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-95188-8
Online ISBN: 978-1-349-95189-5
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