French economist wins Nobel Prize
19:20, 13 October 2014
LONDON. KAZINFORM French economist 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, BBC News reports. It was not one of the original awards set out in dynamite industrialist Mr Nobel's 1895 will. Mr Tirole, 61, wins a prize of 8m Swedish krona (£692,000). He is six years younger than the average age of Nobel economics laureates. Regulators and competition authorities have obtained "a whole new set of tools" from Mr Tirole's work, according to the Royal Swedish Academy of Sciences, which announced the award.