Vernon L. Smith is an American economist known for his pioneering work in experimental economics. Born on January 1, 1927, he received the Nobel Prize in Economic Sciences in 2002 for his contributions to the understanding of how markets operate through controlled experiments. His research has significantly influenced the fields of behavioral economics and market design. Smith's work often involves creating laboratory settings to observe economic behavior, allowing researchers to test theories in real-time. He has also contributed to the development of auction theory and has explored the implications of property rights on economic efficiency.