FINITE-TIME APPROACH TO MICROECONOMIC
AND INFORMATION EXCHANGE PROCESSES
Pereslavl-Zalesskij, Russia
Full paper as pdf version.
AND INFORMATION EXCHANGE PROCESSES
Serghey A. Amelkin
Program Systems Institute of the Russian Academy of Sciences,Pereslavl-Zalesskij, Russia
Received: 2 February 2009. Accepted: 4 June 2009.
ABSTRACT
Finite-time approach allows one to optimize regimes of processes in macrosystems when duration of the processes is restricted. Driving force of the processes is difference of intensive variables: temperatures in thermodynamics, values in economics, etc. In microeconomic systems two counterflow fluxes appear due to the only driving force. They are goods and money fluxes. Another possible case is two fluxes with the same direction. The processes of information exchange can be described by this formalism.
KEY WORDS
finite-time processes, information exchange, microeconomics
CLASSIFICATION
JEL: D03, D83
Full paper as pdf version.