Stockholm, Oct 13: French economist Jean Tirole won the Nobel prize for economics on Monday for research on market power and regulation. Tirole, 61, works at the Toulouse School of Economics in France.
According to reports, the Royal Swedish Academy of Sciences cited Tirole for clarifying “how to understand and regulate industries with a few powerful firms.”
The academy reportedly said: “From the mid-1980s and onwards, Jean Tirole has breathed new life into research on such market failures,” adding “his work has strong bearing on how governments deal with mergers or cartels and how they should regulate monopolies.”
“In a series of articles and books, JeanTirole has presented a general framework for designing such policies and applied it to a number of industries, ranging from telecommunications to banking,” the academy further added.
The economics prize completed the 2014 Nobel Prize announcements. Last week, different panels of Nobel judges announced the awards for medicine, physics, chemistry, literature and the Nobel Peace Prize. The awards will be presented on Dec. 10, the anniversary of prize founder Alfred Nobel’s death in 1896.
Last year, the economics prize went to three Americans who shed light on the forces that move stock, bond and home prices.
Even though the economics award is not an original Nobel Prize – it was added in 1968 by Sweden’s central bank – it is presented with the others and carries the same prize money.
Earlier on Friday, Indian children’s right activist Kailash Satyarthi and Pakistani teenager Malala Yousafzai, who was shot in the head by the Taliban in 2012 for advocating girls’ right to education, won the 2014 Nobel Peace Prize on Friday.
With the prize, Yousafzai, 17, becomes the youngest Nobel Prize winner, eclipsing Australian-born British scientist Lawrence Bragg, who was 25 when he shared the Physics Prize with his father in 1915.
(With Agency Inputs)