At just after 1pm CET today, The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2014 was awarded to Jean Marcel Tirole of Toulouse, France. This prize, more commonly known as the Nobel Prize in Economics, was given to Dr. Tirole for his extensive work on the behavior of large companies in relation to market power and regulation.
This marks the first time in over 30 years that the prize has been given to someone focusing on regulation. This topic has become increasingly relevant since the global financial crises began six years ago, and the timing of this award underscores its continued importance. Dr. Tirole’s research focuses specifically on dense mathematical models that describe and analyze markets, attempting to parse out ways to control the monopolies held by major companies. According to the Guardian, Dr. Tirole said he was grateful for the award for his work on “taming powerful firms”. Read more