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Statistical Thermodynamics of Economic Systems
Joint Authors
Quevedo, Hernando
Quevedo, María N.
Source
Issue
Vol. 2011, Issue 2011 (31 Dec. 2011), pp.1-8, 8 p.
Publisher
Hindawi Publishing Corporation
Publication Date
2011-10-29
Country of Publication
Egypt
No. of Pages
8
Main Subjects
Abstract EN
We formulate the thermodynamics of economic systems in terms of an arbitrary probability distribution for a conserved economic quantity.
As in statistical physics, thermodynamic macroeconomic variables emerge as the mean value of microeconomic variables, and their determination is reduced to the computation of the partition function, starting from an arbitrary function.
Explicit hypothetical examples are given which include linear and nonlinear economic systems as well as multiplicative systems such as those dominated by a Pareto law distribution.
It is shown that the macroeconomic variables can be drastically changed by choosing the microeconomic variables in an appropriate manner.
We propose to use the formalism of phase transitions to study severe changes of macroeconomic variables.
American Psychological Association (APA)
Quevedo, Hernando& Quevedo, María N.. 2011. Statistical Thermodynamics of Economic Systems. Journal of Thermodynamics،Vol. 2011, no. 2011, pp.1-8.
https://search.emarefa.net/detail/BIM-489682
Modern Language Association (MLA)
Quevedo, Hernando& Quevedo, María N.. Statistical Thermodynamics of Economic Systems. Journal of Thermodynamics No. 2011 (2011), pp.1-8.
https://search.emarefa.net/detail/BIM-489682
American Medical Association (AMA)
Quevedo, Hernando& Quevedo, María N.. Statistical Thermodynamics of Economic Systems. Journal of Thermodynamics. 2011. Vol. 2011, no. 2011, pp.1-8.
https://search.emarefa.net/detail/BIM-489682
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references
Record ID
BIM-489682