Congratulations to Jean Tirole for receiving The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2014 “for his analysis of market power and regulation”.
Jean Tirole, who was the Game Theory Society’s Oskar Morgenstern Lecturer at the 2008 Congress of the Society, has been awarded the 2014 Nobel memorial prize in Economics. Tirole is honored for his contributions to the study of oligopolies and how they should be regulated. In their summary of the scientific background of Tirole’s contributions, the Nobel committee writes:
“The progress in these areas largely reflects two methodological breakthroughs: game 
theory and the theory of mechanism design.”
As this is the 75th anniversary of the publication of von Neumann and Morgenstern’s seminal book, it is interesting to reflect on the introductory paragraph in Chapter 1:
“It is well known what considerable and in fact unsurmounted difficulties this task involves given even a limited number of typical situations, as, for example, in the case of the exchange of goods, direct or indirect, between two or more persons, of bilateral monopoly, of duopoly, of oligopoly, and of free competition.”
With the award to Tirole, the Nobel committee has now honored work that has advanced our understanding of each and every one of the topics that von Neumann and Morgenstern listed in their introduction.