Related papers: General Equilibrium as a Topological Field Theory
Accuracy of economic theories and efficiency of economic policy strictly depend on the choice of the economic variables and processes mostly liable for description of economic reality. That states the general problem of assessment of any…
The stability against perturbations of a dynamical system conserving a generalized phase-space volume is studied by exploiting the similarity between statistical physics formalism and that of ergodic theory. A general continuity theorem is…
Properties of pure gauge theories in thermal equilibrium as calculated via standard functional integral treatments are mathematically identical to ground state properties of a theory with spatially-periodic boundary conditions imposed on…
The theory of continuous phase transitions predicts the universal collective properties of a physical system near a critical point, which for instance manifest in characteristic power-law behaviours of physical observables. The…
This paper gives a concise, mathematically rigorous description of phenomenological equilibrium thermodynamics for single-phase systems in the absence of chemical reactions and external forces. The present approach is similar to that of…
The mean-field thermodynamic limit is studied for a class of isolated Newtonian N-body systems whose Hamiltonian admits several invariants of motion. It is shown that the macrostates of individual members of a statistical equilibrium…
We introduce a model of negotiation dynamics whose aim is that of mimicking the mechanisms leading to opinion and convention formation in a population of individuals. The negotiation process, as opposed to ``herding-like'' or ``bounded…
This paper characterizes equilibrium properties of a broad class of economic models that allow multiple heterogeneous agents to interact in heterogeneous manners across several markets. Our key contribution is a new theorem providing…
We introduce and solve a general model of dynamic response under external perturbations. This model captures a wide range of systems out of equilibrium including Ising models of physical systems, social opinions, and population genetics.…
To describe the slow dynamics of a system out of equilibrium, but close to a dynamical arrest, we generalize the ideas of previous work to the case where time-translational invariance is broken. We introduce a model of the dynamics that is…
The observable properties of topological quantum matter are often described by topological field theories. We here demonstrate that this principle extends beyond thermal equilibrium. To this end, we construct a model of two-dimensional…
The notion that the whole is more than the sum of its parts has a long tradition in science. This, of course, also applies to the Earth system. With its myriad of processes, spanning from purely physical to life and human activity, the…
How do networks of relationships evolve over time? We analyse a dataset tracking the social interactions of 900 individuals over four years. Despite continuous shifts in individual relationships, the macroscopic structural properties of the…
A number of macroeconomic theories, very popular in the 1980s, seem to have completely disappeared and been replaced by the dynamic stochastic general equilibrium (DSGE) approach. We will argue that this replacement is due to a tacit…
This paper attempts to analyze central place theory of spatial economics based on supply and demand theory in microeconomics and field theory in physics, and also discuss their relationship. Three most important research findings are…
The aim of this work is to explore the possible types of phenomena that simple macroeconomic Agent-Based models (ABM) can reproduce. We propose a methodology, inspired by statistical physics, that characterizes a model through its 'phase…
This paper addresses fundamental aspects of statistical mechanics such as the motivation of a classical state space with spontaneous transitions, the meaning of non-equilibrium in the context of thermalization, and the justification of…
We present a dynamical many-body theory of money in which the value of money is a time dependent ``strategic variable'' that is chosen by the individual agents. The value of money in equilibrium is not fixed by the equations, and thus…
Topological phase transitions track changes in topological properties of a system and occur in real materials as well as quantum engineered systems, all of which differ greatly in terms of dimensionality, symmetries, interactions, and…
We consider an economy made of competing firms which are heterogeneous in their capital and use several inputs for producing goods. Their consumption policy is fixed rationally by maximizing a utility and their capital cannot fall below a…