American economist Vernon L. Smith will be speaking at TUM about "Adam Smith on Conduct and Rules: Trust Games; Emergence of Property ". A professor at Chapman University, Smith is regarded as one of the most important advocates of experimental economics. In 2002 he received the Nobel Prize for economics. His lecture on October 21 at 6 pm in the Karl Max von Bauernfeind Auditorium will be open to the public.
In the sixth "Munich Lecture in Business Ethics", Professor Vernon L. Smith will show how Adam Smith’s work "The Theory of Moral Sentiments" (1759) forms a suitable basis even today for analyzing decisions in economic activities where trust plays a role. According to Vernon L. Smith, Adam Smith sees human sentiment as a source of social rules; he is thus able to explain situations where several stakeholders influence each other - better than the neoclassical theory of the 1990s is able to do.
Vernon L. Smith has established key principles for the research field of experimental economics. The methods he has developed are no longer limited to the observation of situations, but enable lab experiments even in economics. For his achievements, he received the Nobel Prize in 2002.
The 89 year-old American teaches at Chapman University. Prior to his engagement there, he worked at a number of universities including the University of Arizona, Purdue University, Brown University, the University of Massachusetts and George Mason University.
Vernon L. Smith: "Adam Smith on Conduct and Rules: Trust Games; Emergence of Property"
Munich Lecture in Business Ethics, organized by the Peter Löscher Chair of Business Ethics
Friday, October 21, 2016, 6 pm
Technical University of Munich
Karl Max von Bauernfeind-Hörsaal