Economic Science Institute

In January 1956, Professor Vernon L. Smith conducted his first experiment with an introductory economics class because he believed there had to be a better way to teach economics. That experiment led him to develop a new way to teach and research economics, and it became the contribution for which the Chapman University professor was awarded a share of the 2002 Nobel Prize in Economic Science. In 2008, Prof. Smith and his colleagues Profs. John Dickhaut, David Porter, Stephen Rassenti, and Bart Wilson founded the Economic Science Institute (ESI) at Chapman.

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THE WALL STREET JOURNAL The ABC Dilemma of Health Reform: Third-party payment creates a big incentive problem. Featured on The Wall Street Journal, Oct. 16, 2009, Written by Vernon L. Smith   There is widespread agreement with the principle that our health-care system needs to be reformed. But our representatives and our neighbors have much trouble in reaching agreement on the particulars. There have been many legislative bills offered and hundreds of amendments with no clear path to a resolution…       View full article Forbes.com Governing The Commons: No one should now say ''Elinor who?'' Featured on Forbes.com Oct. 12, 2009, written by Vernon L. Smith   I have just returned from an undergraduate multidisciplinary class that my colleague (Bart Wilson) and I teach, "Foundations of Economic Exchange." Fortuitously, the class readings for today included examples from Elinor Ostrom, Governing the Commons. Earlier today, after the announcement that she was awarded the Nobel prize in economics, perhaps thousands of economists and journalists would have asked, "Elinor who?" and rushed to the Internet to search online for an answer…    View full article