Optimal processes in irreversible thermodynamics and microeconomics

Tsirlin, A; Kazakov, V

Optimal processes in irreversible thermodynamics and microeconomics

Tsirlin, A Kazakov, V

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Publisher:: Society znanost org
Publication Type:: Journal Article
Citation:: Interdisciplinary Description of Complex Systems, 2004, 2 (1), pp. 29 - 42
Issue Date:: 2004-01

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Field	Value	Language
dc.contributor.author	Tsirlin, A	en_US
dc.contributor.author	Kazakov, V	en_US
dc.date.issued	2004-01	en_US
dc.identifier.citation	Interdisciplinary Description of Complex Systems, 2004, 2 (1), pp. 29 - 42	en_US
dc.identifier.issn	1334-4684	en_US
dc.identifier.uri	http://hdl.handle.net/10453/6382
dc.description.abstract	This paper describes general methodology that allows one to extend Carnot efficiency of classical thermodynamic for zero rate processes onto thermodynamic systems with finite rate. We define the class of minimal dissipation processes and show that it represents generalization of reversible processes and determines the limiting possibilities of finite rate systems. The described methodology is then applied to microeconomic exchange systems yielding novel estimates of limiting efficiencies for such systems.	en_US
dc.publisher	Society znanost org	en_US
dc.relation.ispartof	Interdisciplinary Description of Complex Systems	en_US
dc.title	Optimal processes in irreversible thermodynamics and microeconomics	en_US
dc.type	Journal Article
utslib.citation.volume	1	en_US
utslib.citation.volume	2	en_US
utslib.for	140103 Mathematical Economics	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
utslib.copyright.status	open_access
pubs.consider-herdc	true	en_US
pubs.issue	1	en_US
pubs.volume	2	en_US

Abstract:

This paper describes general methodology that allows one to extend Carnot efficiency of classical thermodynamic for zero rate processes onto thermodynamic systems with finite rate. We define the class of minimal dissipation processes and show that it represents generalization of reversible processes and determines the limiting possibilities of finite rate systems. The described methodology is then applied to microeconomic exchange systems yielding novel estimates of limiting efficiencies for such systems.

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http://hdl.handle.net/10453/6382