French economist Jean Tirole won this year's Nobel Prize for economics for research on market power and regulation.

“Jean Tirole is one of the most influential economists of our time. He has made important theoretical research contributions in a number of areas, but most of all he has clarified how to understand and regulate industries with a few powerful firms,” the Royal Swedish Academy of Sciences said in a statement.

Jean Tirole got Ph.D. from Massachusetts Institute of Technology and works at the Toulouse School of Economics.