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Maurice Allais was a French economist who was awarded the Nobel Prize for Economics in 1988 for his development of principles to guide efficient pricing and resource allocation in large monopolistic enterprises.
In his groundbreaking theoretical work, Allais sought to balance social benefits with economic efficiency in the pricing plans of state-owned monopolies such as utility companies. His principles caused state enterprises to consider ways that the pricing of goods or services could achieve results formerly achieved through regulation alone. His work proved particularly important in the decades following World War II, when the state-owned monopolies of western Europe saw tremendous growth.
Allaisâs work paralleled, and sometimes preceded, similar works by Sir John Hicks and Paul Samuelson. According to Samuelson, âHad Allaisâs earliest writings been in English, a generation of economic theory would have taken a different course.â
Allais received numerous honours and awards. He was a member of several academies and learned societies, including the Institut de France, the U.S. National Academy of Sciences, the Lincean Academy in Italy, and the Russian Academy of Sciences. In 1977 he was named an officer of the Legion of Honour, the premier order of the French republic; he was made grand officer in 2005.
