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Financial and Thermodynamic Equilibrium

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  • Antonio Roma

Abstract

type="main" xml:lang="en"> This paper explores general equilibrium asset pricing implications in a two-period model in which the production side explicitly describes the thermodynamic process unavoidably connected with production. We show that steady state of the production process, i.e. thermodynamic equilibrium, has a one-to-one correspondence with the absence of arbitrage possibilities. This provides an alternative definition of the absence of arbitrage. (J.E.L.: D5, G1, R3)

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  • Antonio Roma, 2000. "Financial and Thermodynamic Equilibrium," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 29(3), pages 341-354, November.
    • Handle: RePEc:bla:ecnote:v:29:y:2000:i:3:p:341-354
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    File URL: http://hdl.handle.net/10.1111/1468-0300.00036
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    Cited by:

    1. Roma, Antonio & Pirino, Davide, 2009. "The extraction of natural resources: The role of thermodynamic efficiency," Ecological Economics, Elsevier, vol. 68(10), pages 2594-2606, August.
    2. Roma, Antonio, 2006. "Energy, money, and pollution," Ecological Economics, Elsevier, vol. 56(4), pages 534-545, April.

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