The Prize in Economic Sciences 2014 – Press Release

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.


Данас је Нобелов комитет објавио одлуку о награди за економију. Добитник је професор Жан Тирол, са Универзитета у Тулузу, за рад у области „кроћења великих фирми“.

Шта ја могу да кажем о овогодишњем избору? Какву поруку шаље Нобелов комитет?

Ако се сећате, прошле године је Комтиет дао једно соломонско решење бирајући двојицу професора из различитих, а непомирљивих економских школа. Ове године не бих могао да будем баш експлицитан јер не знам много о професору Тиролу. На основу овога што сам успео да прочитам. ради се о истраживању олигополских односно монополских тржишних структура, о исправљању недостатака тржишта, о специфичности сваког тржишта, а не општим правилима регулације. Осим последњег, све је то већ виђено па се рађа сумња да Комитет ове године није желео да узме врућ кромпир у своје руке.

Ипак, да сачекамо и да видимо како ће резултате својих истраживања приказати сам лауерат у предстојећим интервјуима.

See on Scoop.itSustainable Economics


One thought on “The Prize in Economic Sciences 2014 – Press Release

  1. Вукашин Б. Васић Аутор чланка

    First, Tirole has established a new standard of rigor in the fields of IO and regulation.
    He has consistently derived his results from fundamental assumptions about preferences,
    technologies (including contracting technologies) and information asymmetries, eschewing
    the convenient but ad hoc assumptions that had previously seemed necessary in order
    to make analytical headway. From the outset, Tirole’s approach has required unusual
    technical expertise, especially in the rapidly evolving fields of game theory and contract
    theory. While this year’s prize emphasizes Tirole’s creative application of these analytical
    tools to regulation and IO theory, it is noteworthy that Tirole also made significant
    contributions to the toolbox itself (see Section 6).
    Second, Tirole’s rigor has facilitated realism. Division of labor in the scientific community
    frequently encourages theorists to specialize in understanding the inner logic of
    new models, leaving the challenging job of confronting the models with reality to more
    applied scientists. As a result, theoretical work sometimes seems detached from “the real
    world” and “relevant practice”. By contrast, Tirole has carefully designed his models to
    capture essential features of specific economic environments, and to highlight important
    mechanisms that previous applied research had either ignored or failed to articulate with
    sufficient precision.
    Third, Tirole has brought order to an unwieldy literature. By deploying a consistent
    conceptual framework over a wide range of issues, he became a leader in the creation of
    the first encompassing and coherent theory of IO. After more than 25 years, his groundbreaking
    1988 textbook remains the best road-map to the field. If the book is becoming
    outdated in a few areas, this is largely due to Tirole’s own subsequent work and the work
    he has inspired. Tirole’s 1993 book, co-authored with Jean-Jacques Laffont, presented a
    unified framework which has deeply influenced how economists think about regulation.
    Fourth, Tirole’s models have sharpened policy analysis. Focusing on the fundamental
    features that generate a divergence between private and public interests, Tirole has
    managed to characterize the optimal regulation of specific industries. Often, his rigorous
    thinking has overturned previous conventional wisdom. For example, he successfully challenged
    the once prevalent view that monopoly power in one market cannot be profitably
    leveraged into another market by vertical integration. As a result, competition authorities
    have become more alert to the potential dangers posed by vertical integration and
    restraints. More generally, Tirole has shown how the justifications for public intervention
    frequently boil down to problems of information asymmetries and credible commitments.
    These general lessons — together with a catalogue of specific applications — form a robust
    foundation for policy analysis.

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