French economist Jean Tirole has won the Nobel Prize in economics for his work on market power and regulation, reports the BBC.
The prize, officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was set up in 1968.
It was not one of the original awards set out in dynamite industrialist Mr Nobel's 1895 will.
Mr Tirole, 61, wins a prize of 8m Swedish krona (£692,000).
He is six years younger than the average age of Nobel economics laureates.
Regulators and competition authorities have obtained "a whole new set of tools" from Mr Tirole's work, according to the Royal Swedish Academy of Sciences, which announced the award.
Mr Tirole, the second Frenchman to win a Nobel award this year, is "one of the most influential economists of our time", the jury said.
"I'm really very grateful," Mr Tirole said.
Read more of this report from the BBC.