Related papers: Thermodynamics Formulation of Economics
Impacts between planetary-sized bodies can explain the origin of satellites orbiting large ($R>500$~km) trans-Neptunian objects. Their water rich composition, along with the complex phase diagram of water, make it important to accurately…
When thermodynamics is understood as the science (or art) of constructing effective models of natural phenomena by choosing a minimal level of description capable of capturing the essential features of the physical reality of interest, the…
The first (Russian) edition of the book was among the first monographs on econophysics. The book gives an explanation of several intriguing phenomena, providing new insights and answers to some deeply vexing questions. Why the economic…
Building on the fundamental equation, this study revisits key thermodynamic concepts in a cohesive and innovative manner. It demonstrates the consistency of thermodynamic theory while addressing and clarifying common misconceptions and…
Most of the econometric and econophysics models have been borrowed from the statistical physics, and as a cosequence, a new interdisciplinary science called econophysics has emerged. In this paper we planned to extend the analogy between…
Physics and economics are two disciplines that share the common challenge of linking microscopic and macroscopic behaviors. However, while physics is based on collective dynamics, economics is based on individual choices. This conceptual…
The Barboza-Alcaniz EoS parametrization has been considered and its $q$-parametrization has been investigated in search for a thermodynamic motivation. For this, we have studied the validity of the generalized second law of thermodynamics…
We provide a characterization of energy in the form of exchanged heat and work between two interacting constituents of a closed, bipartite, correlated quantum system. By defining a binding energy we derive a consistent quantum formulation…
Involving effects of media, opinion leader and other agents on the opinion of individuals of market society, a trader based model is developed and utilized to simulate price via supply and demand. Pronounced effects are considered with…
We introduce a constructive framework for assigning thermodynamic structure to an arbitrary data system from its measured microstates. Starting from an empirical distribution over configurations, we first infer a data-driven energy function…
The generalized zeroth law of thermodynamics indicates that the physical temperature in nonextensive statistical mechanics is different from the inverse of the Lagrange multiplier, beta. This leads to modifications of some of thermodynamic…
Thermodynamics plays an important role both in the foundations of physics and in technological applications. An operational perspective adopted in recent years is to formulate it as a quantum resource theory. At the core of this theory is…
In traditional thermodynamical and statistical-mechanical approaches one has (some) detailed knowledge of the principles governing the microdynamics of a system. However in many instances we may not have a Hamiltonian or good information…
Formalism based on equilibrium statistical thermodynamics is applied to communication networks of decision making individuals. It is shown that in statistical ensembles for choice models, properly defined disutility can play the same role…
Concepts of everyday use like energy, heat, and temperature have acquired a precise meaning after the development of thermodynamics. Thermodynamics provides the basis for understanding how heat and work are related and with the general…
Evidence implies that basic laws of thermodynamics must be tested by experiments. In this paper, an experiment is designed to measure the entropy of a system with at least one known (measurable) equation of state, especially the gas…
The microscopic foundation of the generalized equilibrium statistical mechanics based on the Tsallis entropy is given by using the Gibbs idea of statistical ensembles of the classical and quantum mechanics. The equilibrium distribution…
We assume that markovian dynamics on a finite graph enjoys a gauge symmetry under local scalings of the probability density, derive the transformation law for the transition rates and interpret the thermodynamic force as a gauge potential.…
In the first part of this paper (Sections 1-4), we study a standard exchange economy model with Cobb-Douglas type consumers and give a necessary and sufficient condition for the existence of an odd period cycle in the Walras-Samuelson…
I argue here that both the first and second laws of thermodynamics, generally understood to be quintessentially physical in nature, can be equally well described as being about certain types of information without the need to invoke…