Jean Tirole PhD ’81, a former MIT faculty member from 1984-1991, has been awarded the 2014 Nobel Prize in economic sciences for his analysis of market power and regulation and his research on oligopolies—when a small number of businesses dominate and control the goods produced in a given industry.
He is the 32nd MIT alumnus to win the Nobel Prize and the eight winner in the previous 10 years. In 2013, Robert J. Shiller SM ’68, PhD ’72 was awarded the Nobel Prize in economic sciences for his empirical analysis of asset prices.
Tirole is currently a professor of economics at France’s University of Toulouse and holds a faculty affiliate position in MIT’s Department of Economics. According to MIT News, he was also recognized for his findings on regulatory policy.
“Nobel awarded to economist who taught, earned doctorate at MIT,” Boston Globe:
“The Nobel committee cited his analyses on how monopolies and cartels wield power in the marketplace and how governments respond. Tirole’s research and writings could be a resource for governments that seek to regulate industries where power is concentrated among a few companies, such as telecommunications and banking, the committee said.”
According to the Globe, Tirole is the lone recipient of the 2014 economic sciences award, and he will receive a prize of $1.1 million. Listen to a phone interview with Tirole recorded immediately following the announcement.
In addition to being the 32nd Nobel-winning MIT alumnus, Tirole is becomes the 81st MIT-connected Nobel winner overall. View the full list of Nobel Prize-winning MIT alumni, descending by award year, below.