Related papers: Thermostatistical Evaluation of Economic Activity
The optimal (`equilibrium') macroscopic properties of an economy with $N$ industries endowed with different technologies, $P$ commodities and one consumer are derived in the limit $N\to\infty$ with $n=N/P$ fixed using the replica method.…
In this paper we study the dynamics and ergodic theory of certain economic models which are implicitly defined. We consider 1-dimensional and 2-dimensional overlapping generations models, a cash-in-advance model, heterogeneous markets and a…
Several problems arising in Economics and Finance are analyzed using concepts and quantitative methods from Physics. Here is the abridged abstact: Chapter 1: By analogy with energy, the equilibrium probability distribution of money must…
An heuristic model of the society, as an assembly of weakly interacting individuals, is discussed. The model allows to connect macroscopic phenomena with features of relations between individuals. Addressing to the problem of inequality, a…
Most deterministic schemes for controlling temperature by kinetic variables (NH thermsotat), configurational variables (BT thermostat) and all phase space variables (PB thermostat) are non-ergodic for systems with a few degrees of freedom.…
In the framework of statistical mechanics the properties of macroscopic systems are deduced starting from the laws of their microscopic dynamics. One of the key assumptions in this procedure is the ergodic property, namely the equivalence…
The Olympic Games are an important sporting event with notable consequences for the general economic landscape of the host city. Traditional economic assessments focus on the aggregated impact of the event on the national income, but fail…
The paper present one of attempts to apply the thermodynamics laws to economics. Introducing common thermodynamic parameters and considering world economics as a one macrosystem, authors demonstrate the possible consequences of entropy…
An axiomatic approach to macroeconomics based on the mathematical structure of thermodynamics is presented. It deduces relations between aggregate properties of an economy, concerning quantities and flows of goods and money, prices and the…
We study the single-particle distributions of three-dimensional hard sphere gas described by the Boltzmann equation. We focus on the steady homogeneous isotropic solutions in thermodynamically open conditions, i.e. in the presence of…
There are three levels of description in classical statistical mechanics, the microscopic/dynamic, the macroscopic/statistical and the thermodynamic. At one end there is a well-used concept of equilibrium in thermodynamics and at the other…
Thermodynamics makes definite predictions about the thermal behavior of macroscopic systems in and out of equilibrium. Statistical mechanics aims to derive this behavior from the dynamics and statistics of the atoms and molecules making up…
This paper introduces a novel approach to financial crisis prediction by establishing a thermodynamic-like framework derived from the fluctuation theorem of statistical physics. We define market temperature through the probability ratio of…
One of the major barriers for the retailers is to understand the consumption elasticity they can expect from their contracted demand response (DR) clients. The current trend of DR products provided by retailers are not consumer-specific,…
The Boson peak is believed to be the key to the fundamental understanding of the anomalous thermodynamic properties of glasses, notably the anomalous peak in the heat capacity at low temperatures; it is believed to be due to an excess of…
Transport infrastructure is vital to the functioning of cities. However, assessing the impact of transport policies on urban mobility and behaviour is often costly and time-consuming, particularly in low-data environments. We demonstrate…
Superstatistics generalizes Boltzmann statistics by assuming spatio-temporal fluctuations of the intensive variables. It has many applications in the analysis of experimental and simulated data. The fluctuation of the intensity variable is…
Income- and price-elasticity of demand quantify the responsiveness of markets to changes in income, and in prices, respectively. Under the assumptions of utility maximization and preference-independence (additive preferences), mathematical…
A hard-sphere (HS) Bose gas in a trap is investigated at finite temperatures in the weakly-interacting regime and its thermodynamic properties are evaluated using the static fluctuation approximation (SFA). The energies are calculated with…
We explore the role of non-ergodicity in the relationship between income inequality, the extent of concentration in the income distribution, and mobility, the feasibility of an individual to change their position in the income distribution.…