Nobel Laureate Vernon Smith Visits BaylorMarch 7, 2014
In early February, Vernon Smith, experimental economist and 2002 Nobel Laureate in Economic Sciences, visited Baylor University. Dr. Smith focused on the use of experiments as a research tool to address questions related to entrepreneurship and markets with several of the researchers from the Baugh Center for Entrepreneurship & Free Enterprise. Baugh Center researchers have experience using such experimental techniques to explore questions ranging from how risk preferences affect entrepreneurial decisions to the role of ethics and religion in a free-market.
The talk exemplified such research by demonstrating how 21st century experimental research techniques can shed new light on both modern market exchange and the 18th century philosophy of Adam Smith, the father of economics. In particular, Smith stressed how experiments help us identify the role of sentiments and empathy in facilitating the foundational building block of market exchange, trust.
The Baugh Center for Entrepreneurship & Free Enterprise seeks to aid in the preservation of the competitive free enterprise system, including the vital small business sector of the economy. It also promotes entrepreneurial activity among individuals and organizations that stimulate economic development through the formation of new business ventures. For more information visit: www.baylor.edu/business/freeenterprise.