On non-existence of Markov equilibria in competitive-market economies

Research output: Contribution to journalArticle

27 Scopus citations

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.

Original languageEnglish (US)
Pages (from-to)73-98
Number of pages26
JournalJournal of Economic Theory
Volume105
Issue number1
DOIs
StatePublished - Jan 1 2002
Externally publishedYes

Keywords

  • Competitive equilibrium
  • Externalities
  • Markov equilibrium
  • Money
  • Taxes

ASJC Scopus subject areas

  • Economics and Econometrics

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