Finite-Time Thermodynamics in Economics
In this paper, we consider optimal trading processes in economic systems. The analysis is based on accounting for irreversibility factors using the wealth function concept. The existence of the welfare function is proved, the concept of capital dissipation is introduced as a measure of the irreversi...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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MDPI AG
2020-08-01
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| Series: | Entropy |
| Subjects: | |
| Online Access: | https://www.mdpi.com/1099-4300/22/8/891 |
| _version_ | 1797558324177141760 |
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| author | Anatoly Tsirlin Larisa Gagarina |
| author_facet | Anatoly Tsirlin Larisa Gagarina |
| author_sort | Anatoly Tsirlin |
| collection | DOAJ |
| description | In this paper, we consider optimal trading processes in economic systems. The analysis is based on accounting for irreversibility factors using the wealth function concept. The existence of the welfare function is proved, the concept of capital dissipation is introduced as a measure of the irreversibility of processes in the microeconomic system, and the economic balances are recorded, including capital dissipation. Problems in the form of kinetic equations leading to given conditions of minimal dissipation are considered. |
| first_indexed | 2024-03-10T17:28:37Z |
| format | Article |
| id | doaj.art-9e29726e4c074158b83fc6c345976d25 |
| institution | Directory Open Access Journal |
| issn | 1099-4300 |
| language | English |
| last_indexed | 2024-03-10T17:28:37Z |
| publishDate | 2020-08-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Entropy |
| spelling | doaj.art-9e29726e4c074158b83fc6c345976d252023-11-20T10:05:05ZengMDPI AGEntropy1099-43002020-08-0122889110.3390/e22080891Finite-Time Thermodynamics in EconomicsAnatoly Tsirlin0Larisa Gagarina1Ailamazyan Program Systems Institute of Russian Academy of Sciences, 152120 Rostov, RussiaInstitute of Systems and Program Engineering and Information Technologies, National Research University of Electronic Technology, 124482 Zelenograd, RussiaIn this paper, we consider optimal trading processes in economic systems. The analysis is based on accounting for irreversibility factors using the wealth function concept. The existence of the welfare function is proved, the concept of capital dissipation is introduced as a measure of the irreversibility of processes in the microeconomic system, and the economic balances are recorded, including capital dissipation. Problems in the form of kinetic equations leading to given conditions of minimal dissipation are considered.https://www.mdpi.com/1099-4300/22/8/891thermodynamicseconomicsoptimal processesirreversibility |
| spellingShingle | Anatoly Tsirlin Larisa Gagarina Finite-Time Thermodynamics in Economics Entropy thermodynamics economics optimal processes irreversibility |
| title | Finite-Time Thermodynamics in Economics |
| title_full | Finite-Time Thermodynamics in Economics |
| title_fullStr | Finite-Time Thermodynamics in Economics |
| title_full_unstemmed | Finite-Time Thermodynamics in Economics |
| title_short | Finite-Time Thermodynamics in Economics |
| title_sort | finite time thermodynamics in economics |
| topic | thermodynamics economics optimal processes irreversibility |
| url | https://www.mdpi.com/1099-4300/22/8/891 |
| work_keys_str_mv | AT anatolytsirlin finitetimethermodynamicsineconomics AT larisagagarina finitetimethermodynamicsineconomics |