French economist Jean Tirole won the Nobel prize for economics for his analysis of market power and regulation.
French economist Jean Tirole won the 2014 economics Nobel Prize for his analysis of market power and regulation, the Royal Swedish Academy of Sciences said on Monday.
“Jean Tirole is one of the most influential economists of our time,” the award-giving body said. “Most of all he has clarified how to understand and regulate industries with a few powerful firms.”
“From the mid-1980s and onwards, Jean Tirole has breathed new life into research on such market failures. His analysis of firms with market power provides a unified theory with a strong bearing on central policy questions: how should the government deal with mergers or cartels, and how should it regulate monopolies?” the academy said.
The economist will receive an 8 million Swedish crown ($1.1 million US) prize.
The economics prize, officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968. It was not part of the original group of awards set out in dynamite tycoon Nobel’s 1895 will.
