STOCKHOLM, October 13. /TASS/. French economist Jean Tirole has been awarded the 2014 Nobel Economics Prize "for his analysis of market power and regulation", the Royal Swedish Academy of Sciences said on Monday.

The academy called Tirole, 61, one of the most influential economists of our time.

The academy said Tirole has made important theoretical research contributions in a number of areas, but most of all he has clarified how to understand and regulate industries with a few powerful firms.

The award, officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968 and is worth $1.1 million. The first laureates for the Economics Prize were Jan Tinbergen and Ragnar Frisch "for having developed and applied dynamic models for the analysis of economic processes.