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Jean Tirole awarded 2014 Nobel Prize for Economics

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Jean Tirole awarded 2014 Nobel Prize for EconomicsFrench economist Jean Tirole has won the Nobel Prize in economics for his work on market power and regulation.

Tirole, 61, wins a prize of 8m Swedish krona (£692,000). He is six years younger than the average age of Nobel economics laureates.

Regulators and competition authorities have obtained “a whole new set of tools” from Mr Tirole’s work, according to the Royal Swedish Academy of Sciences, which announced the award.

Tirole, the second Frenchman to win a Nobel award this year, is “one of the most influential economists of our time”. Tirole has advanced smarter approaches to regulating large firms. Before his work, policymakers often favoured blunt tools, such as price caps, while Mr Tirole has advocated more sector specific and tailored approaches.

“I’m really very grateful,” Mr Tirole said.

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