Finite-Time Thermodynamics in Economics.

Entropy (Basel)

Institute of Systems and Program Engineering and Information Technologies, National Research University of Electronic Technology, 124482 Zelenograd, Russia.

Published: August 2020

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.

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http://www.ncbi.nlm.nih.gov/pmc/articles/PMC7517512PMC
http://dx.doi.org/10.3390/e22080891DOI Listing

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