French economist and Nobel Prize laureate Jean Tirole addresses the media during a press conference at the Toulouse School of Economics in Toulouse, southern France, Monday, Oct. 13, 2014. (AP Photo)
By Veronica Ek and Niklas Magnusson

(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.

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