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Finite-Time Thermodynamics in Economics.

Anatoly Tsirlin¹, Larisa Gagarina²

¹Ailamazyan Program Systems Institute of Russian Academy of Sciences, 152120 Rostov, Russia.

Entropy (Basel, Switzerland)

|December 8, 2020

Summary

This summary is machine-generated.

This study introduces capital dissipation to measure irreversibility in economic trading systems. It develops optimal trading strategies by minimizing this dissipation using kinetic equations.

Keywords:

economics irreversibility optimal processes thermodynamics

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Area of Science:

Economics
Economic Systems Analysis
Mathematical Economics

Background:

Optimal trading processes are crucial for economic efficiency.
Accounting for irreversibility factors is essential for realistic economic modeling.
Existing models may not fully capture the impact of process irreversibility.

Purpose of the Study:

To analyze optimal trading processes in economic systems.
To introduce and utilize the concept of capital dissipation as a measure of irreversibility.
To develop a framework for minimizing capital dissipation in microeconomic systems.

Main Methods:

Utilizing the wealth function concept for analysis.
Proving the existence of a welfare function.
Introducing and defining capital dissipation.
Formulating economic balances that include capital dissipation.
Considering kinetic equations for minimal dissipation.

Main Results:

The existence of the welfare function is established.
Capital dissipation is defined as a measure of process irreversibility.
Economic balances incorporating capital dissipation are formulated.
Kinetic equations are presented for achieving minimal dissipation.

Conclusions:

Capital dissipation provides a novel measure for irreversibility in economic systems.
The developed framework enables the analysis of optimal trading under irreversible conditions.
Minimizing capital dissipation through kinetic equations offers a path towards more efficient economic processes.