Related papers: Thermodynamics Formulation of Economics
An alternative to the well-known complete form of the Mie-Gr\"uneisen equation of state (EOS) for water is suggested. A closed analytical description of the self-consistent EOS for an arbitrary medium based only on the first law of…
The author proposes a finance trading strategy named Entropy Oriented Trading and apply thermodynamics on the strategy. The state variables are chosen so that the strategy satisfies the second law of thermodynamics. Using the law, the…
The classical thermodynamic laws fail to capture the behavior of systems with energy Hamiltonian which is an explicit function of the temperature. Such Hamiltonian arises, for example, in modeling information processing systems, like…
Physical limits on the equation-of-state (EoS) parameter of a dark energy component non-minimally coupled with the dark matter field are examined in light of the second law of thermodynamics and the positiveness of entropy. Such constraints…
We review an emerging body of work by physicists addressing questions of economic organization and function. We suggest that, beyond simply employing models familiar from physics to economic observables, remarkable regularities in economic…
Inflationary models usually assume the existence of scalar fields or other exotic gravitational sources. We investigate an alternative approach in which the entire Universe is considered as a thermodynamic system described by…
In this study, we present a reformulation of classical equilibrium thermodynamics by replacing the obscure and ambiguous concept of entropy with the clear and intuitive concept of information stored in a thermodynamic system. Specifically,…
Extended Thermodynamics is a very important theory: for example, it predicts hyperbolicity, finite speeds of propagation waves as well as continuous dependence on initial data. Therefore, it constitutes a significative improvement of…
Stochastic thermodynamics is the field of study relating fluctuations in stochastic systems to thermodynamic quantities. The total entropy production (EP), is central to the thermodynamic classification of systems. Non-equilibrium systems…
Thermodynamics is a macroscopic physical theory whose two very general laws are independent of any underlying dynamical laws and structures. Nevertheless, its generality enables us to understand a broad spectrum of phenomena in physics,…
We review the inherent structure thermodynamical formalism and the formulation of an equation of state for liquids in equilibrium based on the (volume) derivatives of the statistical properties of the potential energy surface. We also show…
The state of economic theory and accumulated facts from the different branches of the economic science require to analyze the concept of the description of economy systems. The economic reality generates the problems the solution of that is…
There is a common view in thermodynamics that the behavior of a macroscopic system can be described by only a few state variables. Although this is true for many cases, it is unclear whether it is meaningful to ask how many state variables…
Using information theory we derive a thermodynamics for systems evolving under a collective motion, i.e. under a time-odd constraint. An illustration within the Lattice gas Model is given for two model cases: a collision between two complex…
The conventional economic approaches explore very little about the dynamics of the economic systems. Since such systems consist of a large number of agents interacting nonlinearly they exhibit the properties of a complex system. Therefore…
A picture for thermodynamics of the glassy state is introduced. It assumes that one extra parameter, the effective temperature, is needed to describe the glassy state. This explains the classical paradoxes concerning the Ehrenfest relations…
We consider the problem of constructing a thermodynamic theory of non-equilibrium steady states as a formal extension of the equilibrium theory. Specifically, studying a particular system, we attempt to construct a phenomenological theory…
Thermodynamics is usually developed starting from entropy and the maximum entropy principle. We investigate here to what extent one can replace entropy with relative entropy which has several advantages, for example in the context of local…
We present an analysis of Bogot'{a}'s sports sector through thermostatistical models applied to economic systems. The study investigates the cross-price elasticity of income ($\lambda$) to determine whether sports services in Bogot'{a} are…
Macroscopic thermodynamics of equilibrium is constructed for systems obeying power-law canonical distributions. With this, the connection between macroscopic thermodynamics and microscopic statistical thermodynamics is generalized. This is…