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Thermodynamic analogies in economics and finance: instability of markets

McCauley, Joseph l. - Volkswirtschaftliche Fakultät, … - 2004

Interest in thermodynamic analogies in economics is older than the idea of von Neumann to look for market entropy in liquidity, advice that was not taken in any thermodynamic analogy presented so far in the literature. In this paper we go further and use a standard strategy from trading theory...

Persistent link: https://www.econbiz.de/10005836640

The transfer of statistical equilibrium from physics to economics

Parrinello, Sergio; Fujimoto, Takao - Volkswirtschaftliche Fakultät, … - 1995

Two applications of the concept of statistical equilibrium, taken from statistical mechanics, are compared: a simple model of a pure exchange economy, constructed as an alternative to a walrasian exchange equilibrium, and a simple model of an industry, in which statistical equilibrium is used as...

Persistent link: https://www.econbiz.de/10009021710

Generalized Second Law of Thermodynamics and Its Applications in Social Science

Wayne, James J. - Volkswirtschaftliche Fakultät, … - 2014

great importance in physics, the second law of thermodynamics can only successfully explain small percentages of these arrow … of thermodynamics can neither explain arrow-of-time phenomena like Darwin’s evolution in biological systems, nor the … defined and the second law of thermodynamics is not useful for studying the Darwinian evolution and human society. While the …

Persistent link: https://www.econbiz.de/10011110385

Новая парадигма теории самоорганизации

Kaluzhsky, Mikhail - Volkswirtschaftliche Fakultät, … - 1997

, thermodynamics, biology and patterns of socio-economic development. …

Persistent link: https://www.econbiz.de/10011113818

Sociological and Economic Inequality and the Second Law

Kafri, Oded - Volkswirtschaftliche Fakultät, … - 2008

There are two fair ways to distribute particles in boxes. The first one is the Casino’s way, namely an equal chance to any box. The second one is the thermodynamic way, namely an equal chance to any different configuration of particles and boxes. The second way, calculated here, yields an...

Persistent link: https://www.econbiz.de/10005623213