Time irreversibility, which characterizes nonequilibrium processes, can be measured based on the probabilistic differences between symmetric vectors. To simplify quantification of time permutations instead vectors have been employed in some studies. However, although effective practical applications, this approach is conceptually incorrect. irreversibility should rather than permutations, where...

Effect of temperature-dependent viscosity on fully developed forced convection in a duct of rectangular cross-section occupied by a fluid-saturated porous medium is investigated analytically. The Darcy flow model is applied and the viscosity-temperature relation is assumed to be an inverse-linear one. The case of uniform heat flux on the walls, i.e. the H boundary condition in the terminology o...

The irreversibility e¤ect was found not to hold in more general model than in the one considered by Arrow and Fisher [1] and Henry [7]. In this paper we try to restore this irreversibility e¤ect and we de…ne a quasi irreversibility e¤ect.

In the climate change issue, the environmental irreversibility (risk of an acceleration of mitigation policies if the worse happen) has to be balanced with the investment irreversibility (risk of over-cautious policies). To explore this balance, we define an option value for a precautionary climate policy. Using the simplest decision-making model, we expose how option value relates to the expec...

The study empirically investigates the relationship between the value anomaly and firms’ investment and financing environment. The evidence supports the relevance of investment irreversibility and the value anomaly as suggested in Zhang (2005). The higher the investment irreversibility gap between value and growth firms, the higher the value premium. While the Fama and French three factor model...

We show the effects of uncertainty, ecological and economic irreversibility, and endogenous learning on land preservation decisions for species conservation. We compare the optimal decisions of three types of decision makers: an experimenting decision maker who recognizes the endogeneity of information, a real options decision maker who ignores the endogeneity but recognizes the future availabi...

This communication presents finite time thermodynamic optimization of irreversible cascaded refrigeration and heat pump cycles having source/sink thermal reservoirs of finite heat capacitance. A general expression for the optimum coefficient of performance of the refrigerator/heat pump is derived at minimum power input and given cooling/heating load conditions, respectively. External irreversib...

in this study, mixed convection heat transfer and local and global entropy generation in aventilated square cavity have been investigated numerically. the natural convection effect isachieved by a constant heat flux imposed at the bottom wall and cooled by injecting a coldfollow. in order to investigate the effect of port location, four different placementconfigurations of the inlet and outlet ...