Vernon Smith, Nobel Prize-winning economist, revolutionized economics by testing the model of demand and supply in experimental settings.

Question

Quizplus · Accepted Answer

Vernon Smith is known for his pioneering work in experimental economics, where he developed laboratory experiments to test economic theories, including the model of demand and supply. His contributions to this field earned him the Nobel Memorial Prize in Economic Sciences in 2002.

Vernon Smith, Nobel Prize-Winning Economist, Revolutionized Economics by Testing the Model