French economist Jean Tirole won the 2014 Nobel Prize in Economics for his analysis on market power and regulation, the Royal Swedish Academy of Sciences said on Monday.

Mr. Tirole’s research showed that market regulations should be carefully adapted to the conditions of specific industries, rather than general regulations such as price caps which can do more harm than good, the academy said.

The economics prize, officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968. It was not part of the original group of awards set out in 1895 will of Nobel, the inventor of dynamite.

The economist will receive 8 million Swedish crowns ($1.1 million) as prize money.