Optimal Processes in Irreversible Thermodynamics and Microeconomics
This paper describes general methodology that allows one to extend Carnot efficiency of classical thermodynamic for zero rate processes onto thermodynamic systems with finite rate. We define the class of minimal dissipation processes and show that it represents generalization of reversible processes and determines the limiting possibilities of finite rate systems. The described methodology is then applied to microeconomic exchange systems yielding novel estimates of limiting efficiencies for such systems.
Volume (Year): 2 (2004)
Issue (Month): 1 ()
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- Samuelson, Paul A., 1970.
"Maximum Principles in Analytical Economics,"
Nobel Prize in Economics documents
1970-1, Nobel Prize Committee.
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