A ug 2 00 4 Financial heat machine , perpetuummobile and Maxwell ’ s demon Andrei Khrennikov
نویسنده
چکیده
We consider dynamics of financial market as dynamics of expectations and discuss such a dynamics from the point of view of phe-nomenological thermodynamics. We describe financial Carnot cycle and financial analogue of heat machine. We see, that while in physics perpetuum mobile is absolutely impossible, in economics this may happen under some conditions. In econophysics different analogies between economics and thermodynam-ics were discussed, see, for example, [1]-[5]. Here we want to discuss the analogies between thermodynamics and financial market. We start with the statement, see, e.g., [6]-[9] that financial market works with objects which have virtual, or better to say cognitive, nature. These objects are expectations of participants of the market about say prices of shares of some company. We insist that this object has no direct relations to something existing in physical reality (while indirect relation is quite possible). Expectations, of course, are related to what the company produces, but we 1
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