Ten years ago, on December 10, 2014, the Nobel Prize was awarded to Jean Tirole at a ceremony in Stockholm. On that occasion, he reminded us that “we still have to learn, and the world changes faster than our understanding can keep up with”.
It was precisely for his research into market power and regulation that the honorary president of TSE was honored at the ceremony.
According to him, if markets dominated by a small number of companies are left unregulated, society often suffers negative consequences. Prices can become unjustifiably high and new companies can be prevented from entering the market.
Since the mid-1980s, Jean Tirole has worked to develop a coherent theory, for example showing that regulation should be adapted to suit specific conditions in each industry. Based on game theory and other theories, Tirole has also suggested a framework for designing regulations and has applied it to a number of industries, from banking to tech giants and telecommunications.
Today, TSE pays tribute to Jean Tirole, to his work and to the advances it has made possible, ten years after he was awarded the world's most prestigious scientific prize.
