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Financial heat machine

Author

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  • Khrennikov, Andrei

Abstract

We consider dynamics of financial markets as dynamics of expectations and discuss such a dynamics from the point of view of phenomenological thermodynamics. We describe a financial Carnot cycle and the financial analog of a heat machine. We see, that while in physics a perpetuum mobile is absolutely impossible, in economics such mobile may exist under some conditions.

Suggested Citation

  • Khrennikov, Andrei, 2005. "Financial heat machine," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 350(2), pages 487-490.
    • Handle: RePEc:eee:phsmap:v:350:y:2005:i:2:p:487-490
    DOI: 10.1016/j.physa.2004.11.046
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    Citations

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    Cited by:

    1. Rashkovskiy, S.A., 2021. "Economic thermodynamics," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 582(C).
    2. Rashkovskiy, S.A., 2021. "Thermodynamics of markets," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 567(C).
    3. Anca Gheorghiu & Ion Sp^anulescu, 2011. "Macrostate Parameter and Investment Risk Diagrams for 2008 and 2009," Papers 1101.4674, arXiv.org.
    4. Sergey Rashkovskiy, 2020. "Thermodynamics of markets," Papers 2010.10260, arXiv.org.
    5. Anca Gheorghiu & Ion Spanulescu, 2009. "Macrostate Parameter, an Econophysics Approach for the Risk Analysis of the Stock Exchange Market Transactions," Papers 0907.5600, arXiv.org.

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