2025 Vernon L. Smith Excellence Award

We are pleased to announce that Alejandro Martínez-Marquina (University of Southern California) and Mike Shi (PhD: Stanford University) won the 2025 Vernon L. Smith Excellence Award in Experimental Finance for their paper “The Opportunity Cost of Debt Aversion”, published in The American Economic Review (https://doi.org/10.1257/aer.20221509).

The panel members were Camelia Kuhnen (University of South Carolina), Olga Rud (University of Stavanger), Nobuyuki Hanaki (Osaka University), and Stefan Palan (University of Graz).

Congratulations, Alejandro and Mike!