Tirole in 2019
|Born||9 August 1953|
|Institution|| Toulouse 1 University Capitole |
Toulouse School of Economics
Ecole des hautes études en sciences sociales
|Alma mater|| Massachusetts Institute of Technology |
Paris Dauphine University
École nationale des ponts et chaussées
|Awards|| John von Neumann Award (1998)|
BBVA Foundation Frontiers of Knowledge Award (2008)
Nobel Memorial Prize in Economics (2014)
|Information at IDEAS / RePEc|
Jean Tirole (born 9 August 1953) is a French professor of economics. He focuses on industrial organization, game theory, banking and finance, and economics and psychology. In 2014 he was awarded the Nobel Memorial Prize in Economic Sciences for his analysis of market power and regulation.
Tirole received engineering degrees from the École Polytechnique in Paris in 1976, and from the École nationale des ponts et chaussées in 1978. He graduated as a member of the elite Corps of Bridges, Waters and Forests. Tirole pursued graduate studies at the Paris Dauphine University and was awarded a DEA degree in 1976 and a Doctorat de troisième cycle in decision mathematics in 1978. In 1981, he received a Ph.D. in economics from the Massachusetts Institute of Technology for his thesis titled Essays in economic theory, under the supervision of Eric Maskin.
This section needs expansion. You can help by adding to it.(October 2014)
Tirole is chairman of the board of the Jean-Jacques Laffont Foundation at the Toulouse School of Economics, and scientific director of the Industrial Economics Institute (IDEI) at Toulouse 1 University Capitole. After receiving his doctorate from MIT in 1981, he worked as a researcher at the École nationale des ponts et chaussées until 1984. From 1984–1991, he worked as Professor of Economics at MIT. His work by 1988 helped to define modern industrial organization theory by organising and synthesising the main results of the game-theory revolution vis-à-vis understanding of non-competitive markets.
From 1994 to 1996 he was a Professor of Economics at the École Polytechnique. Tirole was involved with Jean-Jacques Laffont in the project of creating a new School of Economics in Toulouse. He is Engineer General of the Corps of Bridges, Waters and Forest, serving as Chair of the Board of the Toulouse School of Economics, Visiting Professor at MIT and Professor "cumulant" at the École des hautes études en sciences sociales since 1995.
He was president of the Econometric Society in 1998 and of the European Economic Association in 2001. Around this time, he was able to determine a way to calculate the optimal prices for the regulation of natural monopolies and wrote a number of articles about the regulation of capital markets—with a focus on the differential of control between decentralised lenders and the centralised control of bank management.Tirole has been a member of the Académie des Sciences morales et politiques since 2011, the Conseil d'analyse économique since 2008 and the Conseil stratégique de la recherché since 2013. In the early 2010s, he showed that banks generally tend to take short-term risks and recommended a change in quantitative easing towards a more quality-based market stimulation policy.
Tirole's textbook, The Theory of Industrial Organization, synthesised modern models of oligopolistic competition, analysing various cases where industries consist of a small number of firms with significant market power. He and Oliver Hart published a paper showing the conditions in which a vertical merger can result in foreclosure.Rochet and Tirole analysed the implications of 2-sided markets for competition policy. Fudenberg and Tirole also created a taxonomy of strategic effects in oligopolistic competition models.
Tirole was awarded the Nobel Memorial Prize in Economic Sciences in 2014 for his analysis of market power and the regulation of natural monopolies. Tirole received doctorates honoris causa from the Université libre de Bruxelles in 1989, the London Business School and the University of Montreal in 2007, the University of Mannheim in 2011, the Athens University of Economics and Business and the University of Rome Tor Vergata in 2012 as well as the University of Lausanne in 2013.
Tirole also received the inaugural BBVA Foundation Frontiers of Knowledge Award in the Economics, Finance and Management category in 2008, the Public Utility Research Center Distinguished Service Award (University of Florida) in 1997, and the Yrjö Jahnsson Award of the Yrjö Jahnsson Foundation and the European Economic Association in 1993. He is a foreign honorary member of the American Academy of Arts and Sciences (1993) and of the American Economic Association (1993). He has also been a Sloan Fellow (1985) and a Guggenheim Fellow (1988). He was a fellow of the Econometric Society in 1986 and an Economic Theory Fellow (Society for the Advancement of Economic Theory) in 2011. In 2013 Tirole was elected an Honorary Fellow of the Royal Society of Edinburgh.
In 2007 he was awarded the highest award (the Gold Medal or médaille d'or) of the French CNRS. In 2008, he received the Prix du Cercle d'Oc; in 2009, he received an Outstanding Contributions to the Profession Award (International Association for Energy Economics); in 2010, he was granted the Chicago Mercantile Exchange – Mathematical Sciences Research Institute (CME-MSRI) prize in Innovative Quantitative Innovations in Finance, the Tjalling Koopmans Asset Award (Tilburg University), and the "Prix Claude Levi-Strauss". He is among the most influential economists in the world according to IDEAS/RePEc.Besides his numerous academic distinctions, he was the recipient of the Gold Medal of the city of Toulouse in 2007, a Chevalier de la Légion d'honneur since 2007 and an Officer in the Ordre national du Mérite since 2010.
Tirole has published about 200 professional articles in economics and finance, as well as 10 books, including The Theory of Industrial Organization, Game Theory (with Drew Fudenberg), A Theory of Incentives in Procurement and Regulation (with Jean-Jacques Laffont), The Prudential Regulation of Banks (with Mathias Dewatripont), Competition in Telecommunications (with Jean-Jacques Laffont), Financial Crises, Liquidity, and the International Monetary System, and The Theory of Corporate Finance. His research covers industrial organization, regulation, game theory, public economics, banking and finance, psychology and economics, international finance and macroeconomics.
In economics, industrial organization is a field that builds on the theory of the firm by examining the structure of firms and markets. Industrial organization adds real-world complications to the perfectly competitive model, complications such as transaction costs, limited information, and barriers to entry of new firms that may be associated with imperfect competition. It analyzes determinants of firm and market organization and behavior on a continuum between competition and monopoly, including from government actions.
In economics, contract theory studies how economic actors can and do construct contractual arrangements, generally in the presence of asymmetric information. Because of its connections with both agency and incentives, contract theory is often categorized within a field known as Law and economics. One prominent application of it is the design of optimal schemes of managerial compensation. In the field of economics, the first formal treatment of this topic was given by Kenneth Arrow in the 1960s. In 2016, Oliver Hart and Bengt R. Holmström both received the Nobel Memorial Prize in Economic Sciences for their work on contract theory, covering many topics from CEO pay to privatizations.
Jean-Jacques Marcel Laffont was a French economist specializing in public economics and information economics. Educated at the University of Toulouse and the Ecole Nationale de la Statistique et de l'Administration Economique (ENSAE) in Paris, he was awarded the Ph.D. in Economics by Harvard University in 1975.
Screening in economics refers to a strategy of combating adverse selection, one of the potential decision-making complications in cases of asymmetric information, by the agent(s) with less information. The concept of screening was first developed by Michael Spence (1973), and should be distinguished from signalling, a strategy of combating adverse selection undertaken by the agent(s) with more information.
The industrial economics institute' (IDEI) is a research center in economics located in Toulouse (France) within the Toulouse 1 University Capitole. It was founded in 1990 by Jean-Jacques Laffont. The IDEI serves a dual purpose: allowing the University of Toulouse I to be competitive at an international level; providing administrations and companies with an interface between their activities and economic research.
The MIT Department of Economics is a department of the Massachusetts Institute of Technology in Cambridge, Massachusetts.
Bengt Robert Holmström is a Finnish economist who is currently Paul A. Samuelson Professor of Economics at the Massachusetts Institute of Technology. Together with Oliver Hart, he received the Central Bank of Sweden Nobel Memorial Prize in Economic Sciences in 2016.
Mathias François Dewatripont is a Belgian economist and professor at the Université libre de Bruxelles (ULB) and visiting professor at the Massachusetts Institute of Technology (MIT).
The Kinked-Demand curve theory is an economic theory regarding oligopoly and monopolistic competition. Kinked demand was an initial attempt to explain sticky prices.
Catalyst Code: The Strategies Behind the World’s Most Dynamic Companies is a book by Market Platform Dynamics founder David S. Evans and MIT economist Richard L. Schmalensee published in 2007.
Paul Lewis Joskow is an American economist and professor. He became President of the Alfred P. Sloan Foundation on January 1, 2008. He is also the Elizabeth and James Killian Professor of Economics, Emeritus at MIT. He has served on the MIT faculty since 1972. From 1994 through 1998 he was Head of the MIT Department of Economics. From 1999 through 2007 he was the Director of the MIT Center for Energy and Environmental Policy Research. Since rejoining in 2018 from his 1988-2007 term, Professor Joskow is Research Associate on the National Bureau of Economic Research (NBER).
Frederic Michael Scherer is an American economist and expert on industrial organization. Since 2006, he continues as a Professor of Economics at the JFK School of Government at Harvard University.
Drew Fudenberg is the Paul A. Samuelson Professor of Economics at MIT. His extensive research spans many aspects of game theory, including equilibrium theory, learning in games, evolutionary game theory, and many applications to other fields. Fudenberg was also one of the first to apply game theoretic analysis in industrial organization, bargaining theory, and contract theory. He has also authored papers on repeated games, reputation effects, and behavioral economics.
The Toulouse School of Economics is a school within the Toulouse 1 University Capitole, a constituent college of the Federal University of Toulouse Midi-Pyrénées, located in Toulouse, France. While the core focus is economics, TSE offers a range of academic degrees spanning licences, several master's degrees and a doctoral (PhD) programme. Classes are taught in both French and English. Currently, the school has around 2400 students from over 90 nationalities and 150 full faculty members. According to RePEc, TSE was ranked as the 9th most productive research department of economics in the world and the 3rd in Europe by April 2019.
A Markov perfect equilibrium is an equilibrium concept in game theory. It has been used in analyses of industrial organization, macroeconomics, and political economy. It is a refinement of the concept of subgame perfect equilibrium to extensive form games for which a pay-off relevant state space can be identified. The term appeared in publications starting about 1988 in the work of economists Jean Tirole and Eric Maskin.
Xavier Vives is a Spanish economist regarded as one of the main figures in the field of industrial organization and, more broadly, microeconomics. He is currently Chaired Professor of Regulation, Competition and Public Policies, and academic director of the Public-Private Sector Research Center at IESE Business School in Barcelona.
Emmanuel Farhi was a French economist and professor of economics at Harvard University. His research focused on macroeconomics and finance. He was a member of the French Economic Analysis Council to the French Prime Minister from 2010 to 2012.
David Martimort is a French economist and Professor at the Paris School of Economics. Martimort is one of the most highly cited researchers in the field of contract theory. His research has notably been awarded the Best Young French Economist Award in 2004.
Peter Klibanoff is an American economist who is currently John L. and Helen Kellogg Professor of Managerial Economics & Decision Sciences at the Kellogg School of Management.
Dimitri Vayanos, FBA, is an economist and academic. Since 2004, he has been professor of finance at the London School of Economics.
Eugene F. Fama
Lars Peter Hansen
Robert J. Shiller
| Laureate of the Nobel Memorial Prize in Economics |