2014 Nobel Prize In Economics

Nobel Prizes in Economic Sciences 2014

At 7 pm on October 13, 2014 (Beijing time), French economist Jean Tirole Won the 2014 Nobel Prize in Economics for his analysis of market forces and regulation. Since Tirole is the only winner of this year’s Nobel Prize in Economics, he will exclusively receive a prize of 8 million kronor. 1 crown is equal to approximately 0.85 RMB, which is equivalent to a bonus of approximately 6.8 million RMB.

Original text of Nobel official website:

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2014 was awarded to Jean Tirole “for his analysis of market power and regulation”.^[1]

A statement read by Nomark, Permanent Secretary of the Royal Swedish Academy of Sciences, on the 13th said , Tirole is one of the most influential economists today. He made important research contributions in a range of fields, but his most important contribution was his systematic elaboration of how to understand and regulate industries controlled by a small number of powerful firms. Because many industries are monopolized by a few large companies or a giant. If left unregulated, the markets in these industries will produce consequences that society does not want to see, such as excessively high product prices or preventing more efficient competitors from entering the industry. Tirole’s results brought research in these fields to a new stage. ^[2]

The statement said that Tirole believes that the best regulatory and supervisory policies should be implemented carefully based on the special circumstances of different industries. In a series of academic articles and books, Tirole proposed an overall framework for the design of relevant policies and applied it to different industries from telecommunications to banking. Armed with these new economics findings, governments can better push powerful companies to become more efficient while preventing them from harming competitors and customers. ^[3]

Jean Tirole was born in Troyes, France on August 9, 1953. He is a world-famous economics master (ranked second among world economists from 1990 to 2000) and is now He serves as the scientific director of the Institute of Industrial Economics of the University of Toulouse in France and the dean of the Toulouse School of Economics. He also serves as an adjunct professor at the University of Paris and the Massachusetts Institute of Technology, and has served as a visiting professor at Harvard University and Stanford University.

　Main research and teaching areas: Corporate finance, international finance, enterprise theory, regulation and incentives, game theory, macroeconomics.

　International reputation: He won the Yajo Jahnsson Award of the European Economic Association in 1993. He was elected president of the World Econometric Society in 1998 and president of the European Economic Association in 2001. He became an honorary foreign member of the American Academy of Sciences (1993) and an honorary foreign member of the American Economic Association (1993). 1996 Munich Center for Economic Research, 1999 Outstanding Member Award of the Association of Industrial Organizations; honorary doctorates from the Free University of Brussels and London Business School and other awards. He is unanimously recognized by the economics community as a future Nobel Prize winner.

　Books: Jean Tirole has written more than 180 papers in the fields of economics and finance, and 8 monographs, including “Industrial Organization Theory” and “Game Theory” (with Drew Fudenberg), The Theory of Incentives in Government Procurement and Regulation (with Jean-Jacques Lafont), Prudential Regulation of Banks (with Mathias de Watrippon Special co-author), “Telecom Competition” (co-author with Jean-Jacques Lafont), “Financial Crisis, Liquidity and the International Monetary System” and “The Theory of Corporate Finance”.