French economist Jean Tirole has been awarded the Nobel Prize in economics.
The 61-year-old won it for his work on market power and regulation. One expert said Jean Tirole’s greatest contribution is in bringing game theory – the study of decision making – to industrial organisation. “I am really very grateful,” was his initial response to the award.
He was described as “one of the most influential economists of our time,” by the jury which added that regulators and competition authorities have obtained, “a whole new set of tools,” from his work.