BBC: Jean Tirole has won the Nobel Prize in economics for his work on market power and regulation.
BBC: Jean Tirole has won the Nobel Prize in economics for his work on market power and regulation.
The prize, officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was set up in 1968.
Before Mr. Tirole’s work, governments and regulators often used simple rules such as capping prices for companies with a monopoly and banning co-operation between competitors, said the Royal Swedish Academy. Mr. Tirole showed that under some conditions, doing so can do more harm than good.
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