Related papers: Economic thermodynamics
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…
Starting from a plausible assumption about the Total Revenue concept, a system of economic agents, that simulates the exchange of goods, is studied. Following a methodology equivalent to that used in the statistical-mechanical determination…
The deep connection between thermodynamics, computation, and information is now well established both theoretically and experimentally. Here, we extend these ideas to show that thermodynamics also places fundamental constraints on…
In classical phenomenological thermodynamics the first and second laws can be regarded as independent statements. Statistical mechanics provides a microscopic substratum that explains thermodynamics in probabilistic terms via a microstate…
To describe the nonequilibrium states of a system we introduce a new thermodynamic parameter - the lifetime of a system. The statistical distributions which can be obtained out of the mesoscopic description characterizing the behaviour of a…
Thermodynamics and information have intricate interrelations. Often thermodynamics is considered to be the logical premise to justify that information is physical - through Landauer's principle -, thereby also linking information and…
The explanation of the apparent universality of thermodynamics points toward the extension of the usual conceptual background of the second law. Arguments are collected that a basic guiding idea of stability of thermodynamic equilibrium…
We consider dynamics of financial markets as dynamics of expectations and discuss such a dynamics from the point of view of phenomenological thermodynamics. We describe a financial Carnot cycle and the financial analogue of a heat machine.…
Assuming a classical statistical system of point particles the fundamental equations of continuum thermomechanics (continuity equation, equation of motion, and energy equation) shall be derived exactly. The macroscopic state functions…
Originally formulated for macroscopic machines, the laws of thermodynamics were recently shown to hold for quantum systems coupled to ideal sources of work (external classical fields) and heat (systems at equilibrium). Ongoing efforts have…
This work critics on nature of thermodynamics coordinates and on roles of the variables in the equation of state (EoS). Coordinate variables in the EoS are analyzed so that central concepts are noticed and are used to lay a foundation in…
The measurement of thermal fluctuations provides information about the microscopic state of a thermodynamic system and can be used in order to extract work from a single heat bath in a suitable cyclic process. We present a minimal framework…
This paper presents macroeconomic model that is based on parallels between macroeconomic multi-agent systems and multi-particle systems. We use risk ratings of economic agents as their coordinates on economic space. Aggregates of economic…
Information dynamics is an emerging description of information processing in complex systems which describes systems in terms of intrinsic computation, identifying computational primitives of information storage and transfer. In this paper…
On the basis of information theory, a new formalism of classical non-relativistic mechanics of a mass point is proposed. The particle trajectories of a general dynamical system defined on an (1+n)-dimensional smooth manifold are treated…
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…
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…
This review presents the effective temperature notion as defined from the deviations from the equilibrium fluctuation-dissipation theorem in out of equilibrium systems with slow dynamics. The thermodynamic meaning of this quantity is…
A representation of economic activity in the form of a law of conservation of value is presented based on the definition of value as potential to act in an environment. This allows the encapsulation of the term as a conserved quantity…
For macroscopic systems, the second law of thermodynamics establishes an inequality between the amount of work performed on a system in contact with a thermal reservoir, and the change in its free energy. For microscopic systems, this…