French academic Jean Tirole has been awarded the 2014 Nobel prize in economic sciences "for his analysis of market power and regulation", the Royal Swedish Academy of Sciences said in a statement on Monday. The prize is worth 8 million Swedish krona ($1.1 million). The academy said Tirole is "one of the most influential economists of our time" and has been able to clarify "how to understand and regulate industries with a few powerful firms." Tirole joins previous winners such as Eugene Fama of the University of Chicago, Robert Shiller of Yale University and University of Chicago's Lars Peter Hansen, who all shared the award in 2013 for their empirical analysis of asset prices.
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