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A Minimal Dissipation Type-Based Classification in Irreversible Thermodynamics and Microeconomics


  • A. M. Tsirlin
  • Valdimir Kazakov
  • N. A. Kolinko


We formulate the problem of finding classes of kinetic dependencies in irreversible thermodynamic and microeconomic systems for which minimal dissipation processes belong to the same type. We show that this problem is an inverse optimal control problem and solve it. The commonality of this problem in irreversible thermodynamics and microeconomics is emphasized.

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  • A. M. Tsirlin & Valdimir Kazakov & N. A. Kolinko, 2003. "A Minimal Dissipation Type-Based Classification in Irreversible Thermodynamics and Microeconomics," Research Paper Series 104, Quantitative Finance Research Centre, University of Technology, Sydney.
  • Handle: RePEc:uts:rpaper:104

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    1. Rama Cont & Jose da Fonseca, 2002. "Dynamics of implied volatility surfaces," Quantitative Finance, Taylor & Francis Journals, vol. 2(1), pages 45-60.
    2. Eckhard Platen, 2001. "Arbitrage in Continuous Complete Markets," Research Paper Series 72, Quantitative Finance Research Centre, University of Technology, Sydney.
    3. Eckhard Platen, 2003. "Diversified Portfolios in a Benchmark Framework," Research Paper Series 87, Quantitative Finance Research Centre, University of Technology, Sydney.
    4. Long, John Jr., 1990. "The numeraire portfolio," Journal of Financial Economics, Elsevier, vol. 26(1), pages 29-69, July.
    5. Merton, Robert C, 1973. "An Intertemporal Capital Asset Pricing Model," Econometrica, Econometric Society, vol. 41(5), pages 867-887, September.
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    Cited by:

    1. Li, Jun & Chen, Lingen & Sun, Fengrui, 2007. "Optimal configuration of a class of endoreversible heat-engines for maximum power-output with linear phenomenological heat-transfer law," Applied Energy, Elsevier, vol. 84(9), pages 944-957, September.
    2. Anatoly M. Tsirlin & Vladimir Kazakov, 2006. "Optimal Processes in Irreversible Microeconomics," Interdisciplinary Description of Complex Systems - scientific journal, Croatian Interdisciplinary Society Provider Homepage:, vol. 4(2), pages 102-123.

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