Dresden 2006 – scientific programme

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AKSOE: Physik sozio-ökonomischer Systeme

AKSOE 10: Poster Session (posters are expected to be displayed the full day 8:30-18:00)

AKSOE 10.28: Poster

Wednesday, March 29, 2006, 16:00–18:00, P2

Equilibrium Econophysics — •Tânia Sousa and Tiago Domingos — Instituto Superior Tecnico (DEM-SAE). Av. Rovisco Pais, n 1, 1049-001 Lisboa PORTUGAL

We provide a unified conceptual structure for Equilibrium Econophysics, i.e., the use of concepts and tools of equilibrium thermodynamics in neoclassical microeconomics and vice-versa. Within this conceptual structure the results obtained in microeconomic theory are: (1) the definition of irreversibility in economic behavior, (2) the clarification that the Engel Curve and the offer curve are not descriptions of real processes dictated by the maximization of utility at constant endowment, (3) the establishment of a relation between elasticities, (4) the proof that Giffen Goods do not exist in a market stable equilibrium, (4) the establishment that ‘economic integrability’ is equivalent to the Generalized Le Chatelier Principle and (5) the definition of a phase transition of first order. In thermodynamics a relationship is estabished between the sign of the adimensional thermodynamic coefficients and the increase or decrease in the potentials defined by the Legendre transforms.