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

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. JEL Classification: C10, C62

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