paper
Towards equation of state for a market: A thermodynamical paradigm of economics
Burin Gumjudpai
Towards equation of state for a market: A thermodynamical paradigm of economics
Burin Gumjudpai
Paper2018-07-22English
game theory economicsarxiv
Description
Foundations of equilibrium thermodynamics are the equation of state (EoS) and four postulated laws of thermodynamics. We use equilibrium thermodynamics paradigms in constructing the EoS for microeconomics system that is a market. This speculation is hoped to be first step towards whole pictures of thermodynamical paradigm of economics.
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