Nobel Prize for Economics
French economist Jean Tirole won the 2014 Nobel Prize for Economics for research on market power and regulation that has helped policy-makers understand how to deal with industries dominated by a few dominant companies.
Jean Tirole is scientific director of the Institut d'Economie Industrielle, University of Social Sciences, Toulouse.
Tirole, 61, works at the Toulouse School of Economics in France and has a Ph.D. from Massachusetts Institute of Technology.
From the mid-1980s, Tirole breathed new life into research on such market failures. His work has strong bearing on how governments deal with mergers or cartels and how they should regulate monopolies.
It was the first economics prize without an American winner since 1999.
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