A set of equilibrium states in a system consisting of economic agents, economic reservoirs, and firms is considered. Methods of irreversible microeconomics are used. We show that direct sale/purchase leads to an equilibrium state which depends upon the coefficients of supply/demand functions. To...

The problem of calculating the optimal dispatch and prices in a single-period electricity auction in a wholesale electricity market is considered here. The novel necessary and sufficient conditions of optimality for this problem are derived and computational algorithms for solving these...

In this paper the problem of finding the optimal separation sequence for a three-component mixture in a two-stage separation system is considered. Two solutions are obtained. The first minimizes the energy used, subject to a given flow rate of the input mixture, by selecting optimal separation...

In this paper we consider optimal trading processes in economic systems. The analysis is based on accounting for irreversibility factor using wealth function concept.

This paper describes general methodology that allows one to extend Carnot efficiency of classical thermodynamic for zero rate processes onto thermodynamic systems with finite rate. We define the class of minimal dissipation processes and show that it represents generalization of reversible...