The Institute for the Study of Economic Growth was proud to partner with the Barton School of Business’s Marketing Department and Economics Department to co-host an event celebrating the Behavioral Economics Laboratory in Woolsey Hall on the Wichita State Campus with special guest of honor Nobel Laureate Dr. Vernon Smith.
Vernon Smith won the 2002 Nobel Memorial Prize in Economic Sciences for his contributions to behavioral economics and his work in the field of experimental economics. He was born in Wichita, Kansas. Vernon 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.
Dr. Smith’s presentation focused on “Propriety, Property, and Price Discovery in Adam Smith’s Classical Economics”. Vernon detailed a number of topics including how Adam Smith remains one the great social theorists of any age, the ways in which Vernon’s Nobel prize winning research reaffirmed Adam Smith’s insights, and why they are still invaluable in 2022 when evaluating our current post-pandemic economic reality.
Attendees and guests were engaged. After the presentation, they asked a number of questions regarding the state of affairs in America and the world, emerging technologies and many more. You can watch the highlights of the opening remarks ahead of Dr. Smith’s presentation via the video below: