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Financial heat machine |
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| Authors: | Andrei Khrennikov |
| Affiliation: | aInternational Center for Mathematical Modelling in Physics and Cognitive Sciences, University of Växjö, S-35195 Sweden |
| Abstract: | We consider dynamics of financial markets as dynamics of expectations and discuss such a dynamics from the point of view of phenomenological thermodynamics. We describe a financial Carnot cycle and the financial analog of a heat machine. We see, that while in physics a perpetuum mobile is absolutely impossible, in economics such mobile may exist under some conditions. |
| Keywords: | Thermodynamics Financial market Carnot cycle Perpetuum mobile Maxwell's demon Second law of thermodynamics |
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