Related papers: Financial heat machine
A key quantity characterizing a time-periodically forced quantum system coupled to a heat bath is the energy flowing in the steady state through the system into the bath, where it is dissipated. We derive a general expression which allows…
Urban transformations within large and growing metropolitan areas often generate critical dynamics affecting social interactions, transport connectivity and income flow distribution. We develop a statistical-mechanical model of urban…
I sketch a program for a microeconomic theory of the main component of the business cycle as a recurring disequilibrium, driven by incompleteness of the financial market and by information asymmetries between borrowers and lenders. This…
We define a nonlinear thermodynamical formalism which translates into dynamical system theory the statistical mechanics of generalized mean-field models, extending investigation of the quadratic case by Leplaideur and Watbled. Under…
During its history, the ultimate goal of economics has been to develop similar frameworks for modeling economic behavior as invented in physics. This has not been successful, however, and current state of the process is the neoclassical…
Quantum thermodynamics is a powerful theoretical tool for assessing the suitability of quantum materials as platforms for novel technologies. In particular, the modeling of quantum cycles allows us to investigate the heat changes and work…
We present a financial market model, characterized by self-organized criticality, that is able to generate endogenously a realistic price dynamics and to reproduce well-known stylized facts. We consider a community of heterogeneous traders,…
Conventional economic analysis of stringent climate change mitigation policy generally concludes various levels of economic slowdown as a result of substantial spending on low carbon technology. Equilibrium economics however could not…
Sequential (or collisional) engines have been put forward as an alternative candidate for the realisation of reliable engine setups. Despite this, the role of the different stages and the influence of the intermediate reservoirs is not well…
Based on quantum thermodynamic processes, we make a quantum-mechanical (QM) extension of the typical heat engine cycles, such as the Carnot, Brayton, Otto, and Diesel cycles, etc. The temperature is not included in these QM engine cycles,…
Typically cold inflation with positive vacuum energy density dilutes all matter except the quan- tum fluctuations which are stretched outside the Hubble patch during inflation. However the cyclic- inflation scenario, where the universe…
Economy is demanding new models, able to understand and predict the evolution of markets. To this respect, Econophysics offers models of markets as complex systems, that try to comprehend macro-, system-wide states of the economy from the…
Differences between the thermodynamic behavior of the three-level amplifier (a quantum heat engine based on a thermally pumped laser) and the classical Carnot cycle are usually attributed to the essentially quantum or discrete nature of the…
Assessing the stability of economic systems is a fundamental research focus in economics, that has become increasingly interdisciplinary in the currently troubled economic situation. In particular, much attention has been devoted to the…
In line with the recent research and debates about econophysics and financial economics, this article discusses on usual misunderstandings between the two disciplines in terms of modelling and basic hypotheses. In the literature devoted to…
Multifractality is ubiquitously observed in complex natural and socioeconomic systems. Multifractal analysis provides powerful tools to understand the complex nonlinear nature of time series in diverse fields. Inspired by its striking…
Thermodynamics is traditionally constrained to the study of macroscopic systems whose energy fluctuations are negligible compared to their average energy. Here, we push beyond this thermodynamic limit by developing a mathematical framework…
Thermodynamics is traditionally concerned with systems comprised of a large number of particles. Here we present a framework for extending thermodynamics to individual quantum systems, including explicitly a thermal bath and work-storage…
The past twenty years have seen a resurgence of interest in nonequilibrium thermodynamics, thanks to advances in the theory of stochastic processes and in their thermodynamic interpretation. Fluctuation theorems provide fundamental…
We suggest that the broad distribution of time scales in financial markets could be a crucial ingredient to reproduce realistic price dynamics in stylised Agent-Based Models. We propose a fractional reaction-diffusion model for the dynamics…