Jean Tirole of France has won the 2014 Nobel Prize in Economics for his analysis of market power and regulation. Tirole is scientific director of industrial economics at Toulouse University, and had earned his PhD from MIT.
He got the nobel prize award for his contributions on how to regulate large companies. This year's prize is about "taming powerful firms". Tirole's did research on regulation and oligopoly and in understanding the problems faced by regulators.
Often, regulators face "asymmetric information" since they lack the same knowledge as the firms they want to regulate. Tirole has devised smarter approaches to regulating large firms like sector specific and tailored approaches.