Markteori

Markteori, or market theory, is a branch of economic theory that analyzes how markets allocate scarce resources through price signals and voluntary exchange. It investigates how supply and demand interact to determine prices and quantities, how information and expectations affect decision-making, and how institutions and regulations shape outcomes. A central concept is market equilibrium, where supply equals demand and markets clear. Efficiency, particularly Pareto efficiency, and welfare economics are used to assess whether an allocation is desirable.

Market structure study covers perfect competition, monopolistic competition, oligopoly, and monopoly, with attention to how competition, entry barriers, and market power influence prices and welfare. Theories of price formation include Walrasian general equilibrium, partial-equilibrium analysis, and more dynamic models of adjustment. Game theory and auction theory address strategic behavior in markets with few participants or imperfect information.

Common topics include elasticity of demand and supply, consumer and producer surplus, and the role of transaction costs. Market failures occur when markets do not produce optimal outcomes, due to externalities, public goods, information asymmetries, or irrational behavior; in response, policy tools such as taxes, subsidies, regulations, or government provision may be considered, along with market design and regulation of auctions.

Historically, markteori draws on microeconomic theory, mathematical economics, and empirical methods to test models and measure effects. It interacts with finance, industrial organization, and behavioral economics to form a comprehensive view of how markets function and fail.