French expert on regulation and firms wins Nobel
TOULOUSE University’s Jean Tirole yesterday won the 2014 Nobel Prize for economics for his work on large firms and regulation.
The highly-coveted award carries prize money of 8m Swedish kronor (£775,000).
This year’s prize was focused on “taming powerful firms”, particularly in industries with just a few key players.
Tirole, who is the scientific director of industrial economics at the university, was praised by the judges for his analysis of market power.
The awarding committee said: “He has made important theoretical research contributions in a number of areas, but most of all he has clarified how to understand and regulate industries with a few powerful firms.”
His book, Theory of Corporate Finance, published in 2005, was given an award for excellence by the Association of American Publishers.
Tirole said he was “so moved” to receive the award that he was almost speechless.