French economist Jean Tirole won the Nobel prize for economics today for research on

market power and regulation.

The Royal Swedish Academy of Sciences cited Tirole for clarifying "how to understand and
regulate industries with a few powerful firms."

Tirole, 61, works at the Toulouse School of Economics in France.
"From the mid-1980s and onwards, Jean Tirole has breathed new life into research on such
market failures," the academy said, adding his work has strong bearing on how governments deal
with mergers or cartels and how they should regulate monopolies.
"In a series of articles and books, JeanTirole has presented a general framework for designing
such policies and applied it to a number of industries, ranging from telecommunications to
banking," the academy said.

The economics prize completed the 2014 Nobel Prize announcements.
Last week, different panels of Nobel judges announced the awards for medicine, physics,
chemistry, literature and the Nobel Peace Prize.