Jean Tirole, the professor of the Toulouse School of Economics, won the Nobel Prize in Economics. According to the official site of the Nobel Committee, the French economist gained it for the analysis of "market power and regulation". Moreover, Jean Tirole studied game theory, financial theory, industrial organization and also questions of antitrust regulation of oligopolies (markets with a very few number of competitor companies). His main works are Game Theory, Dynamic Models of Oligopoly and The Theory of Corporate Finance. Earlier Tirole had joined the list of pretenders for the Nobel Prize in Economics being the only French candidate. He also was among five most expected candidates for the Prize according to the results of annual Nobel Totalizer carried out by New Economic School.
The Nobel Prize in Economics was established by Sweden's central bank and is awarded by the regulator unlike prizes in other fields that are funded by The Nobel Foundation. The current prize in Economics makes up SEK 8mln (about USD 1.1mln).
Previous Nobel laureates in Economics were such American scientists as Eugene Fama, Peter Hansen and Robert Shiller. Eugene Fama from the University of Chicago was awarded for his work showing that "market of financial advice is imperfect; and advice on choosing shares is an unfair game that shouldn't cost the fee that investment managers ask." Robert Shiller from Yale University wrote about "how human psychology drives the economy and why it matters for global capitalism." Lars Peter Hansen won his Prize for the work on economic risks.
