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Finite-Time Approach to Microeconomic and Information Exchange Processes

Author

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  • Serghey A. Amelkin

    (Program Systems Institute of the Russian Academy of Sciences)

Abstract

Finite-time approach allows one to optimize regimes of processes in macrosystems when duration of the processes is restricted. Driving force of the processes is difference of intensive variables: temperatures in thermodynamics, values in economics, etc. In microeconomic systems two counterflow fluxes appear due to the only driving force. They are goods and money fluxes. Another possible case is two fluxes with the same direction. The processes of information exchange can be described by this formalism.

Suggested Citation

  • Serghey A. Amelkin, 2009. "Finite-Time Approach to Microeconomic and Information Exchange Processes," Interdisciplinary Description of Complex Systems - scientific journal, Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu, vol. 7(1), pages 8-13.
    • Handle: RePEc:zna:indecs:v:7:y:2009:i:1:p:8-13
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    File URL: http://indecs.eu/2009/indecs2009-pp8-13.pdf
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    References listed on IDEAS

    as
    1. Alexander Dolgin, 2009. "The Economics of Symbolic Exchange," Springer Books, Springer, number 978-3-540-79883-5, June.
    2. Robert U. Ayres & Katalin Martina, s, 1996. "Wealth accumulation and economic progress," Journal of Evolutionary Economics, Springer, vol. 6(4), pages 347-359.
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    Cited by:

    1. Katalin Martinas & Agoston Reguly, 2013. "Reappraisal of Rational Choice Theory," Interdisciplinary Description of Complex Systems - scientific journal, Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu, vol. 11(1), pages 14-28.

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    More about this item

    Keywords

    finite-time processes; information exchange; microeconomics;
    All these keywords.

    JEL classification:

    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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