On Non-existence of Markov Equilibria in Competitive-Market Economies |
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| Authors: | Manuel S Santos |
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| Institution: | Department of Economics, Arizona State University, Tempe, Arizona, 85287, f1Manuel.Santos@asu.eduf1 |
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| Abstract: | This paper presents some examples of regular dynamic economies with externalities and taxes that either lack existence of a Markov equilibrium or such equilibrium is not continuous. These examples pose further challenges for the analysis and computation of these economies. Journal of Economic Literature Classification Numbers: C10, C62. |
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| Keywords: | competitive equilibrium Markov equilibrium externalities taxes money |
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