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Alumni Jean Tirole receives the Nobel Prize in Economic Sciences

Jean Tirole, X1973, receives the Nobel Prize in Economic Sciences for his analysis of market power and regulation

Presented by the Nobel committee as "one of the most influential economists of our time", Jean Tirole was awarded the Nobel prize for his "analysis of market power and regulation." The 61 year old researcher has clarified "how to understand and regulate industries with a few powerful firms," the jury specified in a statement.

Jean Tirole is the third French economist and the second Polytechnician to receive the prestigious award. He succeeds to Maurice Allais (1988 X1931) and Gérard Debreu (1983). This is the 50th French Nobel prize in all categories.

Jean Tirole, who received the CNRS gold medal in 2007, is a professor at the Massachusetts Institute of Technology (MIT) in the economics department and the President of the Toulouse School of Economics (TSE). His research focuses on industrial economics, regulation of network industries (in collaboration with Jean-Jacques Laffont) and banking, corporate finance, international economics and the links between economy and psychology.

This Nobel Prize, officially called the "price of the Bank of Sweden in Economic Sciences in Memory of Alfred Nobel", is the only prize which did not appear in the will of the Swedish inventor of dynamite. It was established in 1968 by the Swedish central bank, and awarded for the first time in 1969.

Jean Tirole will receive the Prize as well as the award of 8 million Swedish kronor (about 878,000 euros) on December 10 in Stockholm.