The 2014 Nobel prize in Economics went to the French economist Jean Tirole who
worked on a theory of market failures. Summarizing in one sentence, Tirole showed
that market regulation is complex and that rules should be adapted to each situation.
His work contains quite a bit of mathematics on the 21a and 21b level. Here is an example of a paper on Asset bubbles [PDF]. a topic which became relevant recently. How do bubbles form and aggregate? Which situations lead to bubbles and what is the nature and the consequences of bubbles? Here is a more recent paper on liquidity [PDF]. The mathematics of these papers deals more with discrete dynamical systems. given by vector fields F(x,y) = . One is first of all interested
in places, where the vector field is <0,0>. These are called equilibrium points.
Then one is interested in the stability of the equilibria and the dynamics
X= |

- Press release
- The Guardian
- Wikipedia article (which unfortunately mostly focuses on awards and certificates and almost nothing about the work).
- Spiegel
mentions that this is the first time since 15 years that the prize goes to a European economist. But still, both
origin or work of most economics Nobel prize winners are dominated by the US, as the chart in the "Spiegel News site" shows: