Related papers: Statistical ensembles for money and debt
This mathematical essay brings together ideas from Economics, Geobiodynamics and Thermodynamics. Its purpose is to obtain real models of complex evolutionary systems. More specifically, the essay defines Roegenian Economy and links…
We extend the work on optimal investment and consumption of a population considered in [2] to a general stochastic setting over a finite time horizon. We incorporate the Cobb-Douglas production function in the capital dynamics while the…
The Glosten-Milgrom model describes a single asset market, where informed traders interact with a market maker, in the presence of noise traders. We derive an analogy between this financial model and a Szil\'ard information engine by {\em…
A phase coexistence state cannot be specified uniquely by any intensive parameters, such as the temperature and the magnetic field, because they take the same values over all coexisting phases. It can be specified uniquely only by an…
Classical, self-consistent theory of statistical mechanics was developed for the thermodynamic and conservative Hamiltonian systems. Later there were many attempts (Sinai-Bowen-Ruelle's temperature, Tsallis' non-extensive theory) to apply…
We introduce a collective model for life insurance where the heterogeneity of each insured, including the health state, is modeled by a diffusion process. This model is influenced by concepts in statistical mechanics. Using the proposed…
This paper is concerned with a model in econophysics, the subfield of statistical physics that applies concepts from traditional physics to economics. In our model, economical agents are represented by the vertices of a connected graph and…
We develop a generalized theory of (meta)equilibrium statistical mechanics in the thermodynamic limit valid for both smooth and fractal phase spaces. In the former case, our approach leads naturally to Boltzmann-Gibbs standard…
Economy is demanding new models, able to understand and predict the evolution of markets. To this respect, Econophysics is offering models of markets as complex systems, such as the gas-like model, able to predict money distributions…
The Boltzmann distribution of an ideal gas is determined by the Hamiltonian function generating single particle dynamics. Systems with higher complexity often exhibit topological constraints, which are independent of the Hamiltonian and may…
We address a simple connection between results of Hamiltonian nonlinear dynamical theory and thermostatistics. Using a properly defined dynamical temperature in low-dimensional symplectic maps, we display and characterize long-standing…
High-energy phenomena presenting strong dynamical correlations, long-range interactions and microscopic memory effects are well described by nonextensive versions of the canonical Boltzmann-Gibbs statistical mechanics. After a brief…
This paper presents an application of geometrothermodynamics (GTD) to the economic analysis of Bogot\'a's sports sector through the Satellite Account of Sport (CSDB). By establishing an analogy between thermodynamic systems and economic…
The basic notions of statistical mechanics (microstates, multiplicities) are quite simple, but understanding how the second law arises from these ideas requires working with cumbersomely large numbers. To avoid getting bogged down in…
The agent-based Yard-Sale model of wealth inequality is generalized to incorporate exponential economic growth and its distribution. The distribution of economic growth is nonuniform and is determined by the wealth of each agent and a…
A robust thermodynamic relation between inflation corrected monetary valuation and energy emerges from existing work. This is based on the energy used, the aggregate efficiency of all production processes ($\Lambda(t)$) in terms of Joules…
We introduce a mean-field framework for the study of systems of interacting particles sharing a conserved quantity. The work generalises and unites the existing fields of asset-exchange models, often applied to socio-economic systems, and…
The methods of statistical physics of open systems are used for describing the time dependence of economic characteristics (income, profit, cost, supply, currency etc.) and their correlations with each other. Nonlinear equations (analogies…
A quantum statistical system with energy dissipation is studied. Its statisitics is governed by random complex-valued non-Hermitean Hamiltonians belonging to complex Ginibre ensemble. The eigenenergies are shown to form stable structure in…
Systemic risk is a rapidly developing area of research. Classical financial models often do not adequately reflect the phenomena of bubbles, crises, and transitions between them during credit cycles. To study very improbable events,…