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

• 成果类型: Article; Proceedings Paper
• 署名作者: Santos, MS
• 署名单位: Arizona State University; Arizona State University-Tempe
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1006/jeth.2001.2840
• 发表日期: 2002
• 页码: 73-98
• 关键词: Competitive equilibrium; Markov equilibrium; externalities; taxes; money

摘要

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 economics. Journal of Economic Literature Classification Numbers: C10, C62. (C) 2001 Elsevier Science (USA).