Professor Smith received the Nobel Prize for having established laboratory experiments as a significant tool in empirical economic analysis. He has developed innovative experiments to study competitive markets and standard auctions and he is a key figure in experimental testing of alternative market and auction systems in areas like energy deregulation and stock markets. Dr. Smith has called markets humanity’s most significant emergent creation. His talk at the Grunberg Lecture explored what has been learned about markets from laboratory experiments and the further application of this knowledge to capital markets and to the expansion of markets to the global level.

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(Click a lecture for more information.)

• The First Lecture, 1988, Herbert A. Simon (Nobel 1978)
• The Second Lecture, 1989, William Cooper (Von Neumann Medal 1982)
• The Third Lecture, 1990, Franco Modigliani (Nobel 1985)
• The Fourth Lecture, 1991, Richard Cyret
• The Fifth Lecture, 1992, James Tobin (Nobel 1981)
• The Sixth Lecture, 1993, Robert Solow (Nobel 1987)
• The Seventh Lecture, 1994, Kenneth Arrow (Nobel 1972)
• The Eight Lecture, 1995, Lawrence Klein (Nobel 1980)
• The Ninth Lecture, 1996, Harry M. Markowitz (Nobel 1990)
• The Tenth Lecture, 1997, Douglas C. North (Nobel 1993)
• The Eleventh Lecture, 1998, James A. Mirrlees (Nobel 1996)
• The Twelfth Lecture, 1999, Robert W. Fogel (Nobel 1993)
• The Thirteenth Lecture, 2000, Herbert A. Simon (Nobel 1977)
• The Fourteenth Lecture, 2001, Joseph Stiglitz (Nobel 2001)
• The Fifteenth Lecture, 2002, James A. Heckman (Nobel 2000)
• The Sixthteenth Lecture, 2004, Vernon L. Smith (Nobel 2002)
• The Seventeenth Lecture, 2006, Finn Kydland (Nobel 2004)