Economists have studied how markets work for a long time.Generally,they work well.But markets do not always perform as expected.Jean Tirole of France won the Nobel Prize in Economics for studying why markets are imperfect,or inefficient,and what governments can do to regulate them. The Nobel prize committee announced the $1.1 million prize in Stockholm to Jean Tirole.Itcalled Mr.Tirole"one of the most influential economists of our time".The organization said he had done important research in a number of areas.But it said,"most of all he has clarified how to understand and regulate industries with only a few powerful firms." Mr.Tiro1e works at the Toulouse School of Economics in Toulouse,France.He is 61 years old.For about 30 years,Mr.Tirole has researched periods when markets failed,that is,when they did not provide good results in price and competition.He looked at how a small number of large companies,or even a single company,can strongly influence industries.  Banking and telecommunications were among the industries he studied. The Nobel committee said that unregulated markets often produce socially _ results. They can result in higher prices or companies that use their market position to block others* The committee said it chose Mr.Timle because he thought about how best to regulate markets.For example,Tore Ellingsen,Chairman of the committee that awards the economics prize,says Mr*Tirole showed the need to develop better rules for the banking industry.This became urgent after the world financial crisis of 2008--2009. The economics Drize is called the Bank of Sweden Prize in Economic Sciences in Memory of Alflred Nobel.Alfred Nobel did not establish the prize.It was first presented in 1969. We can learn from the passage that  _  .
Jean Tirole's research made the markets imperfect or inefficient banking and telecommunications are strongly influential industries the world financial crisis of 2008--2009 regulated the markets Alfred Nobel was unwilling to establish economics prize