The International Foundation for Research in Experimental Economics (IFREE) was founded in 1997 to support research and education in experimental economics. IFREE was and is the only foundation annually supporting research projects, educational seminars and outreach workshops in experimental economics. In 2002, Founder Vernon L. Smith donated his Nobel Prize money to IFREE.
I was inspired to contribute my Nobel Prize money to the International Foundation for Research in Experimental Economics because it was, to me personally, a higher-value use than were I to have kept it for my personal or my family’s personal use. The opportunity to give it to IFREE created better satisfaction value than to keep it. If I’d kept it, I would have only received half the dollar value after paying taxes. IFREE was and is the only non-profit organization that is committed to research and education in experimental economics. IFREE has an unbelievable record of accomplishments via workshops, small grants, scholarships/fellowships, and the new Ascending Scholars prize. Looking back, I could envision nothing of more importance to do with the Nobel Prize than to give it to IFREE.
Vernon Smith
IFREE Founder and President
