Frenchman Jean Tirole will receive this year’s Nobel Prize in economic sciences. Name the winner announced in Stockholm Royal Swedish Academy of Sciences. , photo:
Professor Tirole created the theory on the question of joining the cartel or regulations affecting the operation of monopolies. He wondered how to motivate large companies, which are not necessarily productive and how to deter them from abuse of their position in the market, for example by blocking smaller competing companies. The winner has created models for governments that can use them to regulate big business without loss to its competitors and customers.
Jean Tirol works at the University of Toulouse 1 Capitole in Toulouse.
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French expert oligopolies
61-year-old French professor Jean Tirole economy has for years been recognized as one of the greatest experts in market regulation and was considered one of the favorites to receive this prestigious award.
Tirole has shown that how governments govern individual markets, should result from their specific, because any regulations the same for all can do more harm than good. His work in this area relate to different sectors of the economy – from banks to telecommunications companies.
For the governments of the results of the Tirole’a a tip on how to make the big companies were more efficient and bring more profits without harming competition in the market and consumers.
Nobel Crisis
Main Post Bank economist Monika Jacket indicates that the theories of the French economist are useful in the fight against imbalances in the market, but also in rebuilding the world after the crisis. The theory applies to the business sector, operating in the current difficult times. Perhaps the Nobel Prize itself, reaching in this direction, is a nod to companies that in times of economic slowdown in the world have a troublesome situation and find it difficult to function – said Monika Jacket.
Specialist adds that Jean Tirole not belong the favorites among candidates for the Nobel economic. – It is not perhaps the person very well known, but probably due to the resulting award is not only economists and economists will draw upon the theory that developed – says Monika Jacket.
“Nobel Prize Tirole ‘ and fully deserved “
– Jean Tirole is the author of ground-breaking work on the regulation of the market and protect consumers against excessive prices, so the Nobel Prize for it is fully deserved – said prof., Adam Noga Academy . Leon Kozminski.
Jean Tirole, as explained by Professor. leg, has a great contribution in the analysis of market organization. – This is an analysis of competition in the relevant market, the impact on her number of businesses, the impact of all this on prices. Tirole conducted these analyzes Convention mathematical game theory, which allows to show the influences of various market participants themselves – said the expert. – This theory has been used in the regulation of many markets, for example. market for mobile telephony in Poland – he added.
work Tirole’a, remarked Professor . Leg, describe how to regulate the market effectively to consumer prices as low as possible. Nobel Prize winner is therefore measurable achievements in protecting consumers against excessive prices – pointed.
Tirole, according to prof. Legs, uses the French tradition of market regulation. – But he just combines it with the principles of American liberalism, is, moreover, educated at the famous MIT in Boston. It combines the American liberalism of the French tendency to adjust – expert argued Academy. Kozminski University.
According to prof. The legs of this year’s Nobel Prize winner 20 years ago he was tipped for the award because of his first works come from the 80s then worked with the late French economist Jean-Jacques Laffont. – If Laffont not died, most likely both to get the prize – said prof. Leg.
The Nobel Committee saw the real economy
Nobel Committee drew attention to the real economic problems – as professor of Roman Sobiecki School of Economics says the Nobel Prize in economics. The Royal Swedish Academy of Sciences announced that the award will receive Frenchman Jean Tirole for the analysis of market forces and regulation.
Professor Roman Sobiecki explains that in his works, Jean Tirole arms consumers against monopolies. Nobel Prize winner draws attention to the need to regulate this market to large companies could exist, but that does not abusing their monopoly position.
Expert understands the selection of Nobel laureate as an indication of the need to rebuild the economy after the crisis. This is important because there is still a risk that the crisis will return with a vengeance – adds Professor Sobiecki.
Who is the Nobel Prize winner?
Tirole born in Troyes east of Paris in 1953. His father was a doctor. He initially chose the polytechnic studies in Paris (construction of roads and bridges), and then mathematics at one of the Parisian universities. Then he went to the prestigious Massachusetts Institute of Technology, where in 1981. Under the direction of another economic Nobel Prize winner Eric Maskin, he got a doctorate in economics and began a brilliant career.
Came to Toulouse in 1991., That at the university to become one of the founders of the Institute of Industrial Economics, which became the cradle of the “school tuluskiej” in economics. Starting from game theory and information theory, dealt with not only the issues of market regulation and, more broadly – the competition, but also banking systems, corporate finance, international economy and trade between economics and psychology.
Tirole willing to publicly voice takes on important Topics of the border economy and social affairs. In 2003. Together with Olivier Blanchard proposed the introduction in France of tax on layoffs while the abolition of the contracts of employment for a fixed term and indefinite. In their place, proposed one kind of contract that guarantees workers the right growing with increasing seniority.
Since the beginning of the crisis in 2008. Many times commented on the regulation of the financial sector. He also global climate negotiations.
The fact that the newspaper “Wall Street Journal” exchanged him as a leading favorite for the Nobel Prize, if attention of the Royal Swedish Academy of Sciences will direct researchers towards the regulation of markets and finance, wrote in Sunday’s authorized fanpage on Facebook. In October, a few other times there were cited media reports about the huge opportunities Frenchman on the Nobel Prize. He himself on Monday the news of the award acknowledged in an interview with AFP as a “surprise”.
Tirole received a number of honorary doctorates of various universities in the world. He is also the recipient of numerous honors and awards of the French, including the most important of them – the Gold Medal of the National Centre for Scientific Research in 2007.
The youngest award
Award in Economic Sciences, is the youngest of all the Nobel prizes. He founded it in 1968, the Swedish central bank.
In his will, Alfred Nobel did not mention the economy of the areas in which is to be awarded distinction. He founded it in 1968, only the Royal Bank of Sweden, in the 300th anniversary of its activities. Other Noble are awarded since 1901. Laureate selects the cluster composed of professors of economics Royal Swedish Academy of Sciences. Last year, the winners were three American economists Eugene Fama, Lars Peter Hansen and Robert Shiller.
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honored for their empirical survey of prices of assets such as bonds, stocks, or real estate. Initially, the rivalry between scientists from Europe and the United States was even, but in recent years the Americans gained a distinct advantage. Most prizes were awarded in the field of macroeconomics. Among the winners so far people do not have the Poles, although Polish accent appeared in 2007. The award was Professor Leonid Hurwicz then, American economist Polish-Jewish origin.
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Few distinguished women
Until recently the winners of awards were only men. In 2009, the first time a woman received them – Elinor Ostrom american. Scientists honored for work in the field of economics receive – as scholars from other disciplines – the prize from the hands of the king of Sweden in the common celebration on December 10, the anniversary of the death of Alfred Nobel.
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