(Bloomberg) — Frenchman Jean Tirole of the University of Toulouse won the 2014 Nobel Prize in Economic Sciences for his work on how governments can better regulate industries that lack competition.
Tirole "has clarified how to understand and regulate industries with a few powerful firms," the Royal Swedish Academy of Sciences, which selects the winner, said in a statement today in Stockholm. Tirole, 61, will receive an 8 million-krona ($1.1 million) prize.
Tirole showed that the best regulation was adapted to each industry's specific conditions and presented a general policy framework that he applied to industries from telecommunications to banking, according to the academy.
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