Tirole, Jean (1953-…), a French economist, won the 2014 Nobel Prize in economic sciences . He received the award for his analysis of market power and regulation .
Tirole’s work on the structure of industry helped make him an influential economist, especially in Europe . His research showed that the structure of business regulation often determined whether that regulation helped or harmed social welfare. His work was praised for having practical application in regulating business. Some European governments, for example, have applied Tirole’s ideas to regulate prices in the telecommunications industry, an industry where one or a few firms tend to dominate the market.
Tirole was born on Aug. 9, 1953, in Troyes, France. He earned degrees in engineering from École Polytechnique (Polytechnic School) in 1976 and from École Nationale des Ponts et Chaussées (National School of Bridges and Highways) in 1978. He earned advanced degrees in decision mathematics from Université Paris-Dauphine (University of Paris-Dauphine) in 1976 and in 1978. He completed a Ph.D. in economics in 1981 from the Massachusetts Institute of Technology (MIT) . After graduation, he worked as a researcher at the École Nationale des Ponts et Chaussées. In 1984, Tirole moved to the United States and became an associate professor, and later a professor, of economics at MIT. After returning to France in the early 1990’s, he helped found the Toulouse School of Economics. He became chairman of the board and a professor at the school.
Tirole has published many articles on subjects in economics and finance. He also has written books on such topics as industrial organization, game theory, and corporate finance. Game theory is a method of studying decision-making situations in which the choices of two or more individuals or groups influence one another.
