Jean Tirole facts for kids
Quick facts for kids
Jean Tirole
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Tirole in 2019
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| Born | 9 August 1953 Troyes, France
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| Institution | Toulouse 1 University Capitole Toulouse School of Economics Ecole des hautes études en sciences sociales |
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| Alma mater | Massachusetts Institute of Technology Paris Dauphine University École nationale des ponts et chaussées École Polytechnique |
| Doctoral advisor |
Eric Maskin |
| Doctoral students |
Roland Bénabou |
| Awards | John von Neumann Award (1998) BBVA Foundation Frontiers of Knowledge Award (2008) Erwin Plein Nemmers Prize in Economics (2014) Nobel Memorial Prize in Economics (2014) |
| Information at IDEAS / RePEc | |
Jean Tirole (born 9 August 1953) is a famous French economist. He teaches economics at Toulouse 1 Capitole University. He studies how different parts of the economy work, like how companies are organized (called industrial organization), how people make decisions (using game theory), and how banks and money systems operate. He also looks at how people's feelings affect economic choices.
A big part of his work is about how to set rules for businesses. He wants to make sure these rules help new ideas grow, but also keep things fair for everyone. In 2014, he won the Nobel Memorial Prize in Economic Sciences. He received this award for his important work on understanding how powerful companies can be in the market and how governments can set rules for them.
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Jean Tirole's Education
Jean Tirole studied engineering at two top schools in France. He graduated from the École Polytechnique in 1976 and from the École nationale des ponts et chaussées in 1978.
After his engineering studies, he joined a special group called the Corps of Bridges, Waters and Forests. He then continued his studies at Paris Dauphine University. There, he earned a master's degree in 1976 and a doctorate in decision mathematics in 1978.
He later earned another important degree, a Ph.D. in economics, from the Massachusetts Institute of Technology (MIT) in the United States in 1981. His Ph.D. project was called Essays in economic theory. His teacher for this project was Eric Maskin, who is also a Nobel Prize winner.
Tirole started thinking about studying economics when he was 21 years old. He found economics to be "very rigorous," meaning it used strict rules and logic. But he also liked that it was a "social science," which meant it still focused on people. He felt there was "a lot of that human aspect" in economics, which he thought was very important.
Jean Tirole's Career and Work
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Jean Tirole is a very important person at the Toulouse School of Economics (TSE). He is the chairman of the board for the Jean-Jacques Laffont Foundation there. He also leads the Industrial Economics Institute (IDEI) at Toulouse 1 University Capitole.
After getting his Ph.D. from MIT in 1981, he worked as a researcher. From 1984 to 1991, he was a professor of economics at MIT. By 1988, his work helped to create the modern understanding of how industries are organized. He used game theory to explain how companies act in markets where there isn't perfect competition.
From 1994 to 1996, he taught economics at the École Polytechnique. Jean Tirole also worked with Jean-Jacques Laffont to create the new Toulouse School of Economics. He is still a visiting professor at MIT and teaches at the École des hautes études en sciences sociales.
He led the Econometric Society in 1998 and the European Economic Association in 2001. Around this time, he figured out how to calculate the best prices for things like natural monopolies. These are services, like water or electricity, where it makes sense to have only one provider. He also wrote many articles about how financial markets should be regulated.
In the early 2010s, he showed that banks sometimes take too many risks in the short term. He suggested changes to how governments try to boost the economy, recommending a focus on quality rather than just quantity of money.
What Jean Tirole Taught Us About Economics
Jean Tirole wrote a very important textbook called The Theory of Industrial Organization. This book brought together many new ideas about how companies compete when there are only a few big ones. It helped explain different situations where a small number of firms have a lot of power in the market.
He also worked with other economists on important ideas:
- With Oliver Hart, he showed when a company buying another company in its supply chain (a "vertical merger") could stop other companies from competing fairly.
- With Rochet, he looked at "two-sided markets." These are markets where a platform connects two different groups, like a credit card company connecting shoppers and stores. They studied how competition rules apply to these markets.
- With Drew Fudenberg, he created a way to classify different ways companies act strategically when they compete.
Jean Tirole's Awards and Honors
In 2014, Jean Tirole received the Nobel Memorial Prize in Economic Sciences. This was for his deep understanding of how powerful companies can be and how governments can regulate them.
He has also received many honorary doctorates from universities around the world. These include the Université libre de Bruxelles, London Business School, University of Montreal, University of Mannheim, Athens University of Economics and Business, University of Rome Tor Vergata, and the University of Lausanne.
Other important awards include:
- The first BBVA Foundation Frontiers of Knowledge Award in Economics, Finance and Management in 2008.
- The Public Utility Research Center Distinguished Service Award in 1997.
- The Yrjö Jahnsson Award in 1993.
He is an honorary member of the American Academy of Arts and Sciences and the American Economic Association. He has also been a Sloan Research Fellow and a Guggenheim Fellow.
In 2007, he received the highest award from the French CNRS, which is the Gold Medal (médaille d'or). He has also received several other awards for his contributions to economics and society. He is considered one of the most influential economists in the world. Besides his academic honors, he has received civic awards, including the Gold Medal of the city of Toulouse. He is also a Chevalier de la Légion d'honneur and an Officer in the Ordre national du Mérite, which are high honors in France.
See also
In Spanish: Jean Tirole para niños
