Related papers: Thermodynamics Formulation of Economics
A thermodynamic equation of state (EOS) for thermoelectrons is derived which is appropriate for investigating the thermodynamic variations along isobaric paths. By using this EOS and the Wu-Jing (W-J) model, an extended Hugoniot EOS model…
Perfectly rational decision-makers maximize expected utility, but crucially ignore the resource costs incurred when determining optimal actions. Here we propose an information-theoretic formalization of bounded rational decision-making…
We propose a new form for equations of state (EOS) of thermodynamic systems in the Ising universality class. The new EOS guarantees the correct universality and scaling behavior close to critical points and is formulated in terms of the…
The aim of this work is to put forward a statistical mechanics theory of social interaction, generalizing econometric discrete choice models. After showing the formal equivalence linking econometric multinomial logit models to equilibrium…
Exergy is a very important thermodynamic quantity in several fields such as economy, engineering, ecology and yet it has attracted little attention in pure physics. One of the main problems of the currently used definition of exergy is its…
From a new rigorous formulation of the general axiomatic foundations of thermodynamics we derive an operational definition of entropy that responds to the emergent need in many technological frameworks to understand and deploy thermodynamic…
Thermodynamics has recently been extended to small scales with resource theories that model heat exchanges. Real physical systems exchange diverse quantities: heat, particles, angular momentum, etc. We generalize thermodynamic resource…
Statistical analysis is used throughout biomedical research and elsewhere to assess strength of evidence. We have previously argued that typical outcome statistics (including p-values and maximum likelihood ratios) have poor…
Assessing quantitatively the state and dynamics of a social system is a very difficult problem. It is of great importance for both practical and theoretical reasons such as establishing the efficiency of social action programs, detecting…
We briefly review statistical models for the probability distribution of money developed in the econophysics literature since the late 1990s. In these models, economic transactions are modeled as random transfers of money between the agents…
The deep problems caused from the limitations of theoretical framework itself can only be clarified by extending and reconstructing of the theoretical framework, we extend classical theoretical framework of thermodynamics, break through the…
We set up a framework for quantum stochastic thermodynamics based solely on experimentally controllable, but otherwise arbitrary interventions at discrete times. Using standard assumptions about the system-bath dynamics and insights from…
Many economic theories have been introduced over the course of history to articulate our understanding of the economy. Classical theories by Adam Smith and David Ricardo's Comparative Advantage have been foundational for the last century's…
Natural resource use and waste production, disposal, and reuse in human economies are treated in their economic, technological and thermodynamic aspects. The physical nature of economic production, consumption, saving, and waste is compared…
We analyze social and economic systems with a hierarchical structure and show that for such systems, it is possible to construct thermostatistics, based on the intermediate Gentile statistics. We show that in social and economic…
We construct four equation of state (EoS) tables, tabulated over a range of temperatures, densities, and charge fractions, relevant for neutron star applications such as simulations of neutron star mergers. The EoS are computed from a…
Generalization through novel interpretations of the inner logic of the century-old Gibbs' statistical thermodynamics is presented: i) Identifying $k_B\to 0$ as classical energetics, one directly derives a pair of thermodynamic variational…
Energy has no definition, except that given by a conservation principle which essentially amounts to defining it as the elements of an open list of unknown cardinality. Entropy, identified by Shannon as information we lack, has too many…
Thermodynamics (in concert with its sister discipline, statistical physics) can be regarded as a data reduction scheme based on partitioning a total system into a subsystem and a bath that weakly interact with each other. The ubiquity and…
We develop a thermodynamic framework for modeling innovation adoption and abandonment dynamics using statistical mechanics. Starting from a mathematical model for an adoption distribution that fits empirically obtained date, we construct a…