Browsing by Subject "Economics -- Methodology"
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(National Institute of Development Administration, 2019);
We consider a group of information-symmetric consumers with one type of commodity in an eﬃcient market. The commodity is ﬁxed asset and is non-disposable. We are interested in seeing if there is some connection of thermodynamics formulation to microeconomics. We follow Carathéodory approach which requires empirical existence of equation of state (EoS) and coordinates before performing maximization of variables. In investigating EoS of various system for constructing the economics EoS, unexpectedly new insights of thermodynamics are discovered. ...