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Jean Tirole awarded 2014 Nobel Prize for Economics
by Seva Lamberdar Tue Oct 14, 2014 8:31 am
Jean Tirole has been named as 2014's winner of the Economics Nobel prize, for his work on the regulation of large companies.
The French professor’s research has been central to the study of regulation in economics, since he began work in the area in the early 1980s.
He has helped economists and policymakers to understand how best to regulate large firms, especially where regulators face “asymmetric information” - where they do not have access to the same knowledge as the firms they seek to regulate.
As recipient of the prize, Mr Tirole will now receive 8m krona (£683,000). He is the scientific director of industrial economics at Toulouse University, and earned his PhD at MIT.
This year's prize is about "market power", Tore Ellingsen, permanent secretary of the Royal Swedish Academy of Sciences said.
Alex Tabarrok, economist and co-author of the Marginal Revolution blog, said that Mr Tirole's greatest contribution is in bringing game theory - the study of decision making - to industrial organisation.
The Nobel award has already been granted to the founders of game theory, and "then to applications of the new theory in different areas", said Mr Tabarrok.
Before Mr Tirole’s work, policymakers often favoured blunt tools, such as price caps, while Mr Tirole has advocated more sector specific and tailored approaches - smarter approaches to writing rules.
Pierre Moscovici, France’s former finance minister, said that Mr Tirole’s work “informs the paths we need to follow to get out of the crisis”.
http://www.telegraph.co.uk/news/worldnews/11158154/BREAKING-Jean-Tirole-awarded-2014-Nobel-Prize-for-Economics.html
The French professor’s research has been central to the study of regulation in economics, since he began work in the area in the early 1980s.
He has helped economists and policymakers to understand how best to regulate large firms, especially where regulators face “asymmetric information” - where they do not have access to the same knowledge as the firms they seek to regulate.
As recipient of the prize, Mr Tirole will now receive 8m krona (£683,000). He is the scientific director of industrial economics at Toulouse University, and earned his PhD at MIT.
This year's prize is about "market power", Tore Ellingsen, permanent secretary of the Royal Swedish Academy of Sciences said.
Alex Tabarrok, economist and co-author of the Marginal Revolution blog, said that Mr Tirole's greatest contribution is in bringing game theory - the study of decision making - to industrial organisation.
The Nobel award has already been granted to the founders of game theory, and "then to applications of the new theory in different areas", said Mr Tabarrok.
Before Mr Tirole’s work, policymakers often favoured blunt tools, such as price caps, while Mr Tirole has advocated more sector specific and tailored approaches - smarter approaches to writing rules.
Pierre Moscovici, France’s former finance minister, said that Mr Tirole’s work “informs the paths we need to follow to get out of the crisis”.
http://www.telegraph.co.uk/news/worldnews/11158154/BREAKING-Jean-Tirole-awarded-2014-Nobel-Prize-for-Economics.html
Seva Lamberdar- Posts : 6594
Join date : 2012-11-29 -
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