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Mathematical Models and Equilibrium in Irreversible Microeconomics

Author

Listed:
  • Anatoly M. Tsirlin

    (Program Systems Institute of the Russian Academy of Sciences)

  • Sergey A. Amelkin

    (Program Systems Institute of the Russian Academy of Sciences)

Abstract

A set of equilibrium states in a system consisting of economic agents, economic reservoirs, and firms is considered. Methods of irreversible microeconomics are used. We show that direct sale/purchase leads to an equilibrium state which depends upon the coefficients of supply/demand functions. To reach the unique equilibrium state it is necessary to add either monetary exchange or an intermediate firm.

Suggested Citation

  • Anatoly M. Tsirlin & Sergey A. Amelkin, 2010. "Mathematical Models and Equilibrium in Irreversible Microeconomics," Interdisciplinary Description of Complex Systems - scientific journal, Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu, vol. 8(1), pages 13-23.
    • Handle: RePEc:zna:indecs:v:8:y:2010:i:1:p:13-23
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    More about this item

    Keywords

    irreversible microeconomics; mathematical models; thermodynamics;
    All these keywords.

    JEL classification:

    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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