Samford University will host Nobel Prize-winning economist Vernon L. Smith as a guest speaker on Thursday, Feb. 6, at 4 p.m. in Brock Forum at Dwight M. Beeson Hall. Smith will deliver a lecture featuring “The Theory of Moral Sentiments,” exploring the timeless insights of economist Adam Smith and their relevance to human behavior and modern-day society.

Smith was awarded the Nobel Prize in economic sciences in 2002 for his groundbreaking work in experimental economics. He has joint appointments with Chapman University’s Argyros School of Business & Economics and Fowler School of Law, and he is part of a team that will create and run the university’s new Economic Science Institute.

Smith completed his undergraduate degree in electrical engineering at the California Institute of Technology, earned a master's degree in economics from the University of Kansas and completed his PhD in economics at Harvard University. Smith has authored and coauthored more than 375 articles and books on capital theory, finance, natural resource economics and experimental economics.

“Smith revolutionized economics by pioneering the field of experimental economics, demonstrating that we can test economic theories in controlled laboratory settings just like other sciences,” said Joy Buchanan, associate professor of quantitative analysis and economics in Samford’s Brock School of Business. “His work showed that markets can achieve efficient outcomes even when participants have limited information—a finding that has profound implications for how we think about economic systems and human behavior.”

“Smith revolutionized economics by pioneering the field of experimental economics, demonstrating that we can test economic theories in controlled laboratory settings just like other sciences."

Buchanan and Smith's academic collaboration dates back to her early academic career when she had the opportunity to study under him as an undergraduate student. Her involvement with his research group at Chapman University played a formative role in shaping her research trajectory and expanding her expertise in economics.

“Having a Nobel laureate visit Samford is an extraordinary opportunity for our students and faculty,” Buchanan said. “Smith's presence on campus will inspire our students to think differently about economics and see firsthand how innovative research methods can transform our understanding of markets and human decision-making. His visit reflects Samford's commitment to exposing our students to world-class scholarship and groundbreaking ideas.”

LEARN MORE: Vernon Smith, Nobel laureate in economics