Mathematical Models and Equilibrium in Irreversible Microeconomics
AbstractA 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.
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Bibliographic InfoArticle provided by Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu in its journal Interdisciplinary Description of Complex Systems.
Volume (Year): 8 (2010)
Issue (Month): 1 ()
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irreversible microeconomics; mathematical models; thermodynamics;
Find related papers by 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, and Information
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