A Life of Experimental Economics, Volume I

This book provides an intimate history of Nobel Laureate Vernon Smith’s early life, combining elements of biography, history, economics and philosophy to show how crucial incidents early in his life provided the necessary framework for his research into experimental economics. Smith takes the reader from his family roots on the railroads and oil fields of Middle America to his early life on a farm in Depression-wracked Kansas. A mediocre student in high school, Smith attended Friends University, on Wichita’s west side, where an intense study of mathematics, physics, chemistry, and astronomy enabled him to pass the examinations to enter Caltech and study under luminary scientists like Linus Pauling. Eventually Smith discovered economics and pursued graduate study in the field at University of Kansas and Harvard. This volume ends with his Camelot years at Purdue, where he began his famous work in experimental economics, nurturing his research into an unlikely new field of economics.

“The creator of the field of experimental economics has crafted a superbly written two volume treatise that reads like a novel. Like all great novels, it contains one great character: the classical liberal Smith, himself.” (Steve H. Hanke, The Johns Hopkins University, USA)

“Combines personal and professional reflections with 20^th century economic history.  Economics and philosophy in a life of intellect, curiosity, enthusiasm, and purpose.” (Lynne Kiesling, Purdue University, USA)

“Read A Life, absorb its lessons, and strive to follow its example--be a life-long learner.” (Peter Boettke, University Professor of Economics and Philosophy, George Mason University, USA)

“A Life filled with reflexive self-questioning, and a commitment to activism on behalf of racial, social and political equality.” (Peter McLaren, Distinguished Professor in Critical Studies, Chapman University, USA; Chair Professor, Northeast Normal University, China)

“Smith’s fascinating tale will resonate with all who are willing to let observation and experience change their minds—essential reading for aspiring scholars.” (Shyam Sunder, Yale University, USA)

“I felt privileged to consume this beautiful tome, and be charmed by its author on every page.” (Thomas Hazlett, Hugh H. Macaulay Endowed Professor of Economics, Clemson University, USA)

“Drug store delivery boy at age 12, activist in Congress of Racial Equality, Vernon’s life is simple, humble, unpretentious and with a bias toward honesty and justice.” (Robert Trivers, Evolutionary theorist, sociobiologist, 2007 Crafoord Prize winner and author, Wild Life)

“Vernon’s opinions are provocative. They were formed in a lifetime of extraordinary achievements and insights, and a deeply humanistic attitude.” (Andreas Ortmann, Professor of Experimental and Behavioural Economics , School of Economics, UNSW Business School, Australia)

“A 90-year journey froma one-room school in Kansas through scientific discovery with a fairy-tail ending.” (Charles Holt, A. Willis Robertson Professor of Political Economy, University of Virginia, USA)

“Every young creative economist should read, and the deadwood in academia shun, this memoir.” (Herbert Gintis, Santa Fe Institute, USA)

Vernon L. Smith was awarded the Nobel Prize in Economic Sciences in 2002 for his groundbreaking work in experimental economics. Dr. Smith has joint appointments with the Argyros School of Business & Economics and the Fowler School of Law at Chapman University, and he is part of a team that will create and run the new Smith Institute for Political Economy and Philosophy at Chapman. Dr. Smith has authored or co-authored more than 300 articles and books on capital theory, finance, natural resource economics and experimental economics. He serves or has served on the board of editors of the American Economic Review, Cato Journal, Journal of Economic Behavior and Organization, the Journal of Risk and Uncertainty, Science, Economic Theory, Economic Design, Games and Economic Behavior, and the Journal of Economic Methodology. He is past president of the Public Choice Society, the Economic ScienceAssociation, the Western Economic Association and the Association for Private Enterprise Education.