The Associated Press

WHO WON THE ECONOMICS NOBEL?

French economist Jean Tirole, 61, of the Toulouse School of Economics, France.

FOR WHAT?

Tirole was cited for his research on market power and regulation, which the prize committee said helped governments understand and regulate industries dominated by a small number of powerful firms.

SIGNIFICANCE

Tirole’s work has influenced how governments deal with mergers or cartels, and how they regulate monopolies in industries ranging from telecommunications to banking.

WHAT HE SAID

“I’m so moved,” said Tirole, speaking by telephone link from Toulouse to a news conference in Stockholm, where the prize was announced.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.