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Optimal Processes in Irreversible Microeconomics

Author

Listed:
  • Anatoly M. Tsirlin

    (Program Systems Institute of the Russian Academy of Sciences, Pereslavl-Zalesskij)

  • Vladimir Kazakov

    (School of Finance and Economics, University of Technology, Sydney)

Abstract

In this paper we consider optimal trading processes in economic systems. The analysis is based on accounting for irreversibility factor using wealth function concept.

Suggested Citation

  • Anatoly M. Tsirlin & Vladimir Kazakov, 2006. "Optimal Processes in Irreversible Microeconomics," Interdisciplinary Description of Complex Systems - scientific journal, Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu, vol. 4(2), pages 102-123.
    • Handle: RePEc:zna:indecs:v:4:y:2006:i:2:p:102-123
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    References listed on IDEAS

    as
    1. A. M. Tsirlin & Valdimir Kazakov & N. A. Kolinko, 2003. "A Minimal Dissipation Type-Based Classification in Irreversible Thermodynamics and Microeconomics," Research Paper Series 104, Quantitative Finance Research Centre, University of Technology, Sydney.
    2. Hurwicz, Leonid & Richter, Marcel K., 1979. "An integrability condition with applications to utility theory and thermodynamics," Journal of Mathematical Economics, Elsevier, vol. 6(1), pages 7-14, March.
    3. A. Tsirlin & V. Kazakov & N. Kolinko, 2003. "A minimal dissipation type-based classification in irreversible thermodynamics and microeconomics," The European Physical Journal B: Condensed Matter and Complex Systems, Springer;EDP Sciences, vol. 35(4), pages 565-570, October.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    microeconomics; non-equilibrium thermodynamics; irreversibility;
    All these keywords.

    JEL classification:

    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

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