On Non-Existence of Markov Equilibria in Competitive-Market Economies

ASU Economics Working Paper No. 14/2001

49 Pages Posted: 27 Jul 2001

See all articles by Manuel Santos

Manuel Santos

Arizona State University (ASU) - Economics Department

Date Written: May 2001

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.

Keywords: competitive equilibrium, Markov equlibrium, externalities, taxes, money

JEL Classification: C10, C62

Suggested Citation

Santos, Manuel, On Non-Existence of Markov Equilibria in Competitive-Market Economies (May 2001). ASU Economics Working Paper No. 14/2001, Available at SSRN: https://ssrn.com/abstract=275975 or http://dx.doi.org/10.2139/ssrn.275975

Manuel Santos (Contact Author)

Arizona State University (ASU) - Economics Department ( email )

Tempe, AZ 85287-3806
United States
(480) 965-0748 (Phone)

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