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On Non-Existence of Markov Equilibria in Competitive-Market Economies
Manuel Santos ()
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Manuel Santos: W. P. Carey School of Business Department of Economics, http://wpcarey.asu.edu/Directory/stafffaculty.cfm?cobid=1039501
Working Papers from Department of Economics, W. P. Carey School of Business, Arizona State University
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. JEL Classification: C10, C62
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Persistent link: http://EconPapers.repec.org/RePEc:asu:wpaper:2133305
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