Quantcast
Channel: Editage Insights
Viewing all articles
Browse latest Browse all 4754

2014 Nobel Prize in Economics awarded for analysis of market power and regulation

$
0
0

The 2014 Nobel Prize for Economics was awarded to the French economist Jean Tirole in recognition of his analysis of market power and regulation. Tirole is chairs the board of the Jean-Jacques

The 2014 Nobel Prize for Economics was awarded to French economist Jean Tirole in recognition of his analysis of market power and regulation. Tirole chairs the board of the Jean-Jacques Laffont Foundation at the Toulouse School of Economics and is the scientific director of the Industrial Economics Institute (IDEI) in Toulouse. In the press release announcing the laureate, Tirole is described as “one of the most influential economists of our time.” His theories have helped in paving ways to regulate powerful firms that can otherwise exercise their monopoly, producing many socially undesirable results such as inflation.

Tirole, the University of Toulouse professor, has been studying industrial organization, game theory, banking and finance, and economics, and has published a series of articles and books that advocate “incentive regulation” that encourages companies to be as efficient as they can while sharing some of the gains they make with consumers. From mid-1980s, he has been researching market failures and has come up with policies for governments on dealing with mergers and regulating monopolies, and these theories have been adopted worldwide to regulate market competition. Tirole’s policies are applicable to various industries ranging from banking to telecommunications.

Congratulations to Mr. Tirole!

Check out the other Nobel Prize winners:

2014 Nobel Prize for Physiology/Medicine awarded to the discovery of 'place cells' in brain

2014 Nobel Prize in Physics awarded for invention of blue LEDs

2014 Nobel Prize in Chemistry awarded for innovation in fluorescence microscopy


Viewing all articles
Browse latest Browse all 4754

Trending Articles