If makets dominated by a small number of companies are left unregulated,society often suffers negative consequences.prices can become unjustifiably high and new companies can be prevented from entering the market.since the mid-1980s,jean Tirole has worked to develop a coherent theory,for example showing that regulation should be adapted to suit specific conditions in each industry.Based on game theory and other theories,Tirole has also suggested a framework for designing regulation and has applied it to a number of industrits, from banking to telecommunication.