I gradually became persuaded that the subjects, without intending to, had revealed to me a basic truth about markets that was foreign to the literature of economics.

Six years later these principles were expanded in "Microeconomic Systems as an Experimental Science" also in the AER. Vernon Lomax Smith (born January 1 1927) is professor of economics at Chapman University's Argyros School of Business and Economics and School of Law in Orange California a research scholar at George Mason University Interdisciplinary Center for Economic Science and a Fellow of the Mercatus Center all in Arlington Virginia. Biography


Education
Smith was born in Wichita Kansas where he attended Wichita North High School and Friends University.

C. Vernon Lomax Smith (born January 1 1927) is professor of economics at Chapman University's Argyros School of Business and Economics and School of Law in Orange California a research scholar at George Mason University Interdisciplinary Center for Economic Science and a Fellow of the Mercatus Center all in Arlington Virginia.