ABSTRACT
In 2014, Jean Tirole, was awarded the Nobel Prize for Economic Science for his ‘analysis of market power and regulation’. In describing the significance of his contribution, the Nobel Committee wrote:
If markets dominated by a small number of companies are left unregulated, society often suffers negative consequences. Prices can become unjustifiably high and new companies can be prevented from entering the market … Jean Tirole has worked to develop a coherent theory … showing that regulation should be adapted to suit specific conditions in each industry … 1
