Dr. Vernon Smith served as UAA’s first Rasmuson Chair of Economics from 2003 to 2006. In 2002, shortly before joining UAA, Smith was awarded the Nobel Memorial Prize in Economic Sciences for developing methods to conduct laboratory-based economics experiments. His work expanded researchers’ knowledge of economic behavior and laid the foundation for the new field of experimental economics.
In his role as Rasmuson chair, Smith’s passion for teaching and research, along with decades of knowledge and experience, made a significant impact. He spearheaded the development of UAA’s experimental economics program by encouraging faculty to incorporate experiments into their teaching and research.
As a result of his initiatives, the Experimental Economics Lab has been recognized internationally for distinction in research and teaching and continues to attract leading scholars in the field. The dedication of this laboratory in Smith’s name serves to honor his remarkable legacy.