The Royal Swedish Academy of Sciences has decided to award The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for 2014 to
Toulouse 1 Capitole University, France
“for his analysis of market power and regulation”.
--> Tirole is the third French Laureate awarded the prize in Economic Sciences.
--> Tirole who has used game theory in an attempt to find ways to control the dominance of major companies said he was incredibly surprised when he got the news.
--> 61-year-old Tirole who was awarded the economics prize — the first without an American winner or joint winner since 1999 wins eight million kroner (£700,000) prize.
--> The Academy said, "Tirole is one of the most influential economists of our time. 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."