French economist Tirole wins Nobel Prize

STOCKHOLM, Sweden, Oct. 13 (UPI) -- French economist Jean Tirole was named winner of the Nobel Prize in Economics for his work on markets and corporate regulation.

The research of Tirole, 61, has led to "a whole new set of tools" for regulators, the Royal Swedish Academy of Sciences said in announcing his achievement, calling him "one of the most influential economists of our time."

"Jean Tirole has breathed new life into research on such market failures. His analysis of firms with market power provides a unified theory with a strong bearing on central policy questions: how should the government deal with mergers or cartels, and how should it regulate monopolies?," the jury said in a statement.

Tirole received his Ph.D. from the Massachusetts Institute of Technology, and is Scientific Director at the Institut d'Économie Industrielle of the Toulouse School of Economics in Toulouse, France.

The prize in Economics is the last to be announced. The Nobel Prize was awarded to children's rights activists Malala Yousafzai and Kailash Satyarthi. Tirole will receive a $1.1 million prize. The awards will be presented Dec. 10.