When do markets work?

About the lecture

In this module, we look at the situations when markets work. In particular, we look at: (i) how the free market works and under which conditions it achieves an efficient allocation of resources; (ii) the fundamental theorems of welfare economics; (iii) Pareto efficiency; (iv) what happens in situations of excess demand and supply in an efficient market; and (v) the conditions needed for free markets to achieve efficiency.

About the lecturer

Maria Cubel is a Senior Lecturer in Economics at the University of Bath. She specialises in the fields of applied microeconomics and experimental economics with a particular focus on labour economics, gender economics, public economics, inequality, and contest and conflict. With this in mind, she has written widely, including ‘Difference-form group contests’ (Review of Economic Design, 2022) and ‘Gender, competition and performance: evidence from chess players’ (Quantitative Economics, 2022).