Related papers: Econophysics as conceived by Meghnad Saha
Many recent models of trade dynamics use the simple idea of wealth exchanges among economic agents in order to obtain a stable or equilibrium distribution of wealth among the agents. In particular, a plain analogy compares the wealth in a…
Regardless of the gold-standard being considered as outdated, it provides valuable signs concerning the development of novel monetary standards, better adjusted to the current macroeconomic environment. By using a point of view of classical…
Most people agree that human activities are consistent with physical laws. One may naturally think that sensible economic theories can be derived from physical laws and evolutionary principles. This is indeed the case. In this paper, we…
We introduce the notion of metric entropy for a nonautonomous dynamical system given by a sequence of probability spaces and a sequence of measure-preserving maps between these spaces. This notion generalizes the classical concept of metric…
The ecologist H. T. Odum introduced a principle of physics, called Maximum Empower, in order to explain self-organization in a system (e.g. physical, biological, social, economical, mathematical, ...). The concept of empower relies on…
We propose a simple statistical-physics-inspired model for the effect of intrinsic fluctuations on supply and demand in markets. The model consists of agents that trade in two types of goods of which the total number is separately…
The unification of gravity with the three other forces has been an important goal of physics for some time now, because a quantum theory of gravity is necessary to explain the universe at its earliest moments. Its pursuit has largely…
On extending the Standard Model (SM) Lagrangian, through a non-linear Born-Infeld (BI) hypercharge term with a parameter $\beta$ (of dimensions of [mass]$^2$), a finite energy monopole solution was claimed by Arunasalam and Kobakhidze [1].…
The coincidence method of measuring the entropy of a system, proposed some time ago by Ma, is generalized to include systems out of equilibrium. It is suggested that the method can be adapted to analyze multiparticle states produced in…
We develop a stochastic equilibrium model for an electricity market with asymmetric renewable energy forecasts. In our setting, market participants optimize their profits using public information about a conditional expectation of energy…
The question of where the inertial properties of matter come from has been open for a long time. Isaac Newton considered inertia an intrinsic property of matter. Ernst Mach held a different view whereby the inertia of a body comes from its…
This paper proposes a statistical mechanics approach to the analysis of income distribution and inequality. A new distribution function, having its roots in the framework of k-generalized statistics, is derived that is particularly suitable…
The concept of electromotive force (emf) may be introduced in various ways in an undergraduate course of theoretical electromagnetism. The multitude of alternate expressions for the emf is often the source of confusion to the student. We…
This contribution discusses in what respect Econophysics may be able to contribute to the rebuilding of economics theory. It focuses on aggregation, individual vs collective learning and functional wisdom of the crowds.
The concept of power can be explored at several scales: from physical action and process effectuation, all the way to complex social dynamics. A spectrum-wide analysis of power requires attention to the fundamental principles that constrain…
We consider the thermodynamic approach to the description of economic systems and processes. The first and second laws of thermodynamics as applied to economic systems are derived and analyzed. It is shown that there is a deep analogy…
Between 1957-1985, Chinese mathematician Loo-Keng Hua pioneered economic optimization theory through three key contributions: establishing economic stability's fundamental theorem, proving the uniqueness of equilibrium solutions in economic…
We give a detailed description of electrodynamics as an emergent theory from condensed-matter-like structures, not only {\it per se} but also as a warm-up for the study of the much more complex case of gravity. We will concentrate on two…
Wealth inequality remains a critical socioeconomic challenge, driven by systemic dynamics and self-reinforcing mechanisms that amplify the economic imbalances. Simplified models from statistical physics provide valuable insights into the…
As the number of prosumers with distributed energy resources (DERs) grows, the conventional centralized operation scheme may suffer from conflicting interests, privacy concerns, and incentive inadequacy. In this paper, we propose an energy…