Born: 9 August 1953, Troyes, France
Affiliation at the time of the award: Toulouse School of Economics (TSE), Toulouse, France
Prize motivation: "for his analysis of market power and regulation"
Field: industrial organization, microeconomics
Prize share: 1/1
If markets dominated by a small number of companies are left unregulated, society often suffers negative consequences. Prices can become unjustifiably high and new companies can be prevented from entering the market. Since the mid-1980s, Jean Tirole has worked to develop a coherent theory, for example showing that regulation should be adapted to suit specific conditions in each industry. Based on game theory and other theories, Tirole has also suggested a framework for designing regulations and has applied it to a number of industries, from banking to telecommunications.