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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