Related papers: Thermodynamics Formulation of Economics
Thermodynamical arguments are known to be useful in the construction of physically motivated Lyapunov functionals for nonlinear stability analysis of spatially homogeneous equilibrium steady states in thermodynamically isolated systems.…
Ergodicity, this is to say, dynamics whose time averages coincide with ensemble averages, naturally leads to Boltzmann-Gibbs (BG) statistical mechanics, hence to standard thermodynamics. This formalism has been at the basis of an enormous…
The algebra of transactions as fundamental measurements is constructed on the basis of the analysis of their properties and represents an expansion of the Boolean algebra. The notion of the generalized economic measurements of the economic…
Thermodynamics is based on the notions of energy and entropy. While energy is the elementary quantity governing physical dynamics, entropy is the fundamental concept in information theory. In this work, starting from first principles, we…
We numerically determine the entropy for heat-conducting states, which is connected to the so-called excess heat considered as a basic quantity for steady-state thermodynamics in nonequilibrium. We adopt an efficient method to estimate the…
The theory of thermal macroeconomics (TM) analyses economic phenomena within the mathematical framework of classical thermodynamics, using a set of axioms that apply to the purely macroscopic aspects of an economy [CM]. The theory shows…
Master equation could be applied to model various kinds of biochemical systems. A general theory for its time-dependent nonequilibrium thermodynamics is rigorously derived. We not only introduce a concept of general internal energy, but…
We discuss a simple toy model which allows, in a natural way, for deriving central facts from thermodynamics such as its fundamental laws, including Carnot's version of the second principle. Our viewpoint represents thermodynamic systems as…
Entropy is the distinguishing and most important concept of our efforts to understand and regularize our observations of a very large class of natural phenomena, and yet, it is one of the most contentious concepts of physics. In this…
We study the informational underpinnings of thermodynamics and statistical mechanics, using an abstract framework, general probabilistic theories, capable of describing arbitrary physical theories. This allows one to abstract the…
Reciprocal relations correlate fairly accurately a great variety of experimental results. Nevertheless, the concepts of statistical fluctuations, and microscopic reversibility - the bases of the accepted proof of the relations by Onsager -…
Resource theories are a generic approach used to manage any valuable resource, such as entanglement, purity, and asymmetry. Such frameworks are characterized by two main elements: a set of predefined (free) operations and states, that one…
Thermodynamics is a well developed tool to study systems in equilibrium but no such general framework is available for non-equilibrium processes. Only hope for a quantitative description is to fall back upon the equilibrium language as…
This article is a short version of a longer article to appear in Physics Reports (cond-mat/9708200). The essential postulates of classical thermodynamics are formulated, from which the second law is deduced as the principle of increase of…
In a macroscopic (quantum or classical) Hamiltonian system, we prove the second law of thermodynamics in the forms of the minimum work principle and the law of entropy increase, under the assumption that the initial state is described by a…
We show that the zeroth law of thermodynamics holds within an alternative version of nonextensive statistical mechanics based on {\it incomplete probability distribution}. The generalized zeroth law leads to a generalized definition of…
We address the problem of the foundation of generalized ensembles in statistical physics. The approach is based on Boltzmann's concept of orthodes. These are the statistical ensembles that satisfy the heat theorem, according to which the…
Econophysics is a new area developed recently by the cooperation between economists, mathematicians and physicists. It's not a tool to predict future prices of stocks and exchange rates. It applies idea, method and models in Statistical…
In the scientific and engineering literature, the second law of thermodynamics is expressed in terms of the behavior of entropy in reversible and irreversible processes. According to the prevailing statistical mechanics interpretation the…
A thermodynamic-like formalism is developed for superstatistical systems based on conditional entropies. This theory takes into account large-scale variations of intensive variables of systems in nonequilibrium stationary states. Ordinary…