Scheduled to teach again this fall, Vernon sent a new article to Porter for his feedback just a few days before he died.
Like Porter, Harvard Business School Dean Kim B. Clark praised Vernon's accomplishments in a statement.
"A mentor to many members of the Harvard Business School faculty, Ray inspired us all with the extraordinary quality of his work and his life," Clark said.
Vernon was also a world-class rower who continued to row with Cambridge Boat Club until last year. He broke the world record for his age group in the Crash-Bs, an indoor rowing competition, while in his 80s.
In a statement issued by the school, Harvard President Neil L. Rudenstine expressed his gratitude for Vernon's many contributions.
"Ray Vernon possessed a wide-ranging knowledge of international trade and the economics of developing nations that contributed greatly to the expansion of Harvard's global focus in the postwar era," Rudenstine wrote. "We are grateful for the part he played in the life of Harvard, the nation and the world."
Vernon is survived by two daughters, Heidi Vernon and Susan Vernon Gerstenfeld, four granchildren, and seven great-grandchildren.