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14 Oct 2014

ERC grantee is awarded Nobel Prize in economics

On 13 October 2014, the 2014 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel was awarded to Prof. Jean Tirole for his work on examining competition, and analysing how large companies should be regulated to prevent monopoly behaviour and protect consumers. Prof. Tirole holds a European Research Council (ERC) Advanced Grant.

The EU Commissioner for Research, Innovation and Science, Máire Geoghegan-Quinn and the ERC President, Prof. Jean-Pierre Bourguignon congratulated Prof. Tirole on receiving this award which is regarded as the most prestigious prize for economic sciences. It is the second Nobel Prize to an ERC grant holder this year after two ERC grantees received the Nobel Prize for physiology and medicine last week.

ERC President Prof. Bourguignon stated that "It is a remarkable week for the ERC and we feel encouraged in our work to identify prominent scientists and scholars and fund their pioneering ideas. The research of Prof. Jean Tirole demonstrates that the ERC is an outstanding opportunity not only for "natural sciences", but also in the areas of economics, and more broadly social sciences and humanities".

Prof. Jean Tirole, who is based at Toulouse School of Economics in France, is one of the most influential economists worldwide, bringing together behavioural economics with disciplines such as psychology and sociology. In his ERC project Prof. Tirole explores cognition during the decision-making process. His research looks particularly at two factors related to limited awareness – cognition costs and motivated beliefs - and how they apply to economics.

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