October 9, 2002
Nobel in Economics Goes to 2 Americans Who Brought Markets Into the Lab
Two Americans have been awarded this year's Nobel in economic science for separate work that brought experimental methods to bear on economic behavior. Daniel Kahneman, of Princeton University, and Vernon L. Smith, of George Mason University, have pioneered new uses of empirical data to test the assumptions of formal models employed in neoclassical economics.
Mr. Kahneman is regarded as a founder of behavioral economics. He has used the