Related papers: General Equilibrium as a Topological Field Theory
In stationary spacetimes global equilibrium states can be defined, applying the maximum entropy principle, by the introduction of local thermodynamic fields determined solely by geometry. As an example, we study a class of equilibrium…
General theory of relativity (or Lovelock extensions) is a dynamical theory; given an initial configuration on a space-like hypersurface, it makes a definite prediction of the final configuration. Recent developments suggest that gravity…
Current business cycle theory is an application of the general equilibrium theory. This paper presents the business cycle model without using general equilibrium framework. We treat agents risk assessments as their coordinates x on economic…
A generalized continuous economic model is proposed for random markets. In this model, agents interact by pairs and exchange their money in a random way. A parameter controls the effectiveness of the transactions between the agents. We show…
The analogies between economics and classical mechanics can be extended from constrained optimization to constrained dynamics by formalizing economic (constraint) forces and economic power in analogy to physical (constraint) forces in…
A field theory approach for the nonequilibrium relaxation dynamics in open systems at late times is developed. In the absence of conservation laws, all excitations are subject to dissipation. Nevertheless, ordered stationary states satisfy…
We represent an exchange economy in terms of statistical ensembles for complex networks by introducing the concept of market configuration. This is defined as a sequence of nonnegative discrete random variables $\{w_{ij}\}$ describing the…
Game theoretic equilibria are mathematical expressions of rationality. Rational agents are used to model not only humans and their software representatives, but also organisms, populations, species and genes, interacting with each other and…
The basic elements of the mathematical theory of states of thermal equilibrium of infinite systems of quantum anharmonic oscillators (quantum crystals) are outlined. The main concept of this theory is to describe the states of finite…
Standard approaches to the theory of financial markets are based on equilibrium and efficiency. Here we develop an alternative based on concepts and methods developed by biologists, in which the wealth invested in a financial strategy is…
This paper presents an introduction to phase transitions and critical phenomena on the one hand, and nonequilibrium patterns on the other, using the Ginzburg-Landau theory as a unified language. In the first part, mean-field theory is…
Thermodynamics is commonly presented as a theory of macroscopic systems in stable equilibrium, built upon assumptions of extensivity and scaling with system size. In this paper, we present a universal formulation of the elementary…
A notion of incentive for agents is introduced which leads to a very general notion of an equilibrium for a finite game. Sufficient conditions for the existence of these equilibria are given. Known existence theorems are shown to be…
A rich variety of amorphous solids are found in nature and technology, including ones formed via the vulcanization of long, flexible molecules. A special class -- those featuring a wide gap between the long timescales over which constraints…
We establish a general equilibrium theory for systems of large language model (LLM) agents operating under centralized orchestration. The framework is a production economy in the sense of Arrow-Debreu (1954), extended to…
Just as an explicit parameterisation of system dynamics by state, i.e., a choice of coordinates, can impede the identification of general structure, so it is too with an explicit parameterisation of system dynamics by control. However, such…
This study presents a computational and theoretical framework inspired by thermodynamic principles to analyze the dynamics of economic inflation within adiabatic and non-adiabatic systems. In a framework referred to as developmental…
Why is ``worthless'' fiat money generally accepted as payment for goods and services? In equilibrium theory, the value of money is generally not determined: the number of equations is one less than the number of unknowns, so only relative…
The global steady state of a system in thermal equilibrium exponentially favors configurations with lesser energy. This principle is a powerful explanation of self-organization because energy is a local property of a configuration. For…
This paper aims to the conditions of traffic flow evolving to stability and the stability of equilibrium under demand time-varying of traffic networks. The general framework of the evolution of flow dynamics by adopting evolutionary game…