McCauley, Joseph L. - In: Physica A: Statistical Mechanics and its Applications 329 (2003) 1, pp. 199-212
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...